Bruce Hemphill appointed Chairman of the Old Mutual Emerging Markets’ Board

Bruce Hemphill, Chief Executive of Old Mutual plc and Chairman of the OMEM board.

Old Mutual Emerging Markets (“OMEM”) announces that Bruce Hemphill, Chief Executive of Old Mutual plc (“Old Mutual”), has been appointed as chairman of the OMEM board following Paul Hanratty stepping down from that position.

Old Mutual announced that Paul would be leaving the company on 15 September 2015 but that he would continue to remain available until 14 September 2016 to provide support in a consultative capacity.

Bruce Hemphill said: “Paul has made an outstanding contribution to Old Mutual. He has dedicated over 30 years of his life to Old Mutual both in South Africa and more recently at Group level.”

Ralph Mupita, Chief Executive of Old Mutual Emerging Markets, said: “I would like to take this opportunity to pass my thanks on behalf of OMEM executive and staff on the significant contribution that Paul has made to the business over many years. I wish Paul all the best in his future endeavours.

“I am also very pleased that Bruce has agreed to Chair the OMEM board and I look forward to working closely with him. We are entering a very exciting period as we start the process of becoming an independent business.”

Old Mutual announced on the 11 March 2016 that the long-term interests of its shareholders and other stakeholders would be best served by the parent separating its four strong businesses – OMEM, Nedbank, Old Mutual Wealth and OM Asset Management – from each other. This new strategy seeks to unlock and create long-term value for shareholders.

Bruce Hemphill said: “I am delighted to be appointed as Chairman of the OMEM board. OMEM has a long and proud history of serving our customers and communities in South Africa and the wider African continent.

“As we work towards OMEM becoming an independent entity, our priority will be to ensure that the business is delivering enhanced performance relative to its peer group.”

Old Mutual Emerging Markets operates in 19 countries across Africa, Asia and Latin America. The business provides individuals, businesses, corporates and institutions with long-term savings, protection, investment and lending solutions.

OMEM employs over 27,500 people and has more than 10 million customers. In the year ending 31 December 2015, OMEM produced an adjusted operating profit of R12 billion up 9% on the prior year and gross sales of R216 billion, up 17% on the prior year. The business had R990 billion of funds under management as at the end of 2015.