Non-executive changes to Mutual & Federal board of directors

22 May 2012 Mutual & Federal

Mike Harper

Mutual & Federal, a member of the Old Mutual Group, announces changes to its board of directors following the retirement from its board of two veteran board members, Mr. JB Magwaza and Mr. Tom Boardman.

Mr. JB Magwaza, who held the position of Chairman since May 2006, will be succeeded by Mr. Mike Harper. Mr. Mark Baxter and Mr. Marshall Rapiya will join the board as non-executive directors.

Mr. Harper is well known to Mutual & Federal having been a member of the board since 2009. He has a long history of service to the Old Mutual Group dating back to 1979 through to his retirement in 2011. During his tenure, he held several executive positions including on the executive committee of Mutual & Federal (until 1999) and more recently as Strategy Director for Old Mutual Emerging Markets and Managing Director for the Customer Affairs division. Mr. Harper has also served on the boards of: Old Mutual Unit Trust, Old Mutual Investment Group and OM: Guodian JV in China.

Assuming the duties of non-executive director is Mr. Mark Baxter, Group Chief Actuary: Old Mutual Plc. Mr. Baxter has held senior roles in consulting, regulation and risk in the UK, Hong Kong, China and in Australia, becoming the Group Chief Actuary for Old Mutual Plc in May 2011. He is responsible for the global actuarial function of the Old Mutual Group which has operations in the UK, South Africa, Scandinavia, Europe and Latin America.

Also taking up a non-executive directorship is Mr. Marshall Rapiya, CEO: Old Mutual South Africa. Mr. Rapiya brings considerable governance experience to Mutual & Federal being chairman of four boards of directors or trustees both within Old Mutual and externally, as well as being a board member of the foundation of the Vaal University of Technology since 2010.

Mr. Peter Todd, Chief Executive Officer of Mutual & Federal says: “I wish Messrs Magwaza and Boardman all the best in their future endeavours as well as on other boards on which they still serve. I thank them for the years of service on our board and their priceless contribution to the changes that have been effected to the business in recent years.

“At the same time I welcome to the board Messrs Harper, Baxter and Rapiya with the utmost confidence in the continuity of the high standards of stewardship that has become expected of our board,” says Todd.