Old Mutual plc: US Subsidiary Board Change

Old Mutual plc ("Old Mutual") announces that Scott Powers, Chief Executive of Old Mutual’s US businesses, is leaving to join State Street Global Advisors as President and Chief Executive Officer.

Thomas M. Turpin, who joined Old Mutual in 2002 as Chief Operating Officer of Old Mutual’s US businesses, will serve as interim Chief Executive Officer until a successor for Mr. Powers is appointed. Mr. Turpin will work with Mr. Powers to ensure a smooth handover.

Mr. Turpin has been a key member of the team since Old Mutual entered the US market, during which time the Group has grown US funds under management to more than £170 billion.

Old Mutual wishes Mr. Powers well in his new role and appreciates the contribution he has made to the dramatic growth of the Group’s US businesses.