Metropolitan appoints new head of its Retail business

Phillip Matlakala, executive general manager of Metropolitan Life for the past four years, has been appointed to succeed Derek Pead as chief executive of Metropolitan Retail, with effect from 1 January 2007. Metropolitan Retail is the principal business of the Metropolitan financial services group.

Matlakalas appointment as an executive director of Metropolitan Holdings Limited will be effective from the same date.

Under Pead's leadership the Retail business has achieved excellent growth in new business and profitability. His wealth of expertise and experience is to be applied to a significant new strategic project. He will also continue to serve on the group executive committee and the boards of Metropolitan Life and True South, an actuarial consultancy associated with the group.

Group chief executive Peter Doyle says, "We are looking forward to expanding our Retail business under Phillips leadership while continuing to avail ourselves of Dereks experience and innovative industry perspective".