Old Mutual today announced that Paul Hanratty has been appointed as MD of Old Mutual South Africa, replacing current MD Roddy Sparks. The appointment will be effective from 30 June 2006.
After five years at the helm of South Africas largest life assurer, Sparks says he is satisfied that the foundations have been laid for the next growth phase of the local business, and that the time is right for him to pursue other interests.
Hanrattys priority will be to build a customer-focused business, and to drive revenue synergies between the customer bases of Old Mutuals local businesses - Old Mutual South Africa, Nedbank and Mutual & Federal. Focus will also be placed on expansion into selected African markets
Old Mutual CEO Jim Sutcliffe commended Sparks for his efforts in focusing the business following the listing of the company in 1999. Roddy has helped build Old Mutual South Africa into a profitable business with a solid foundation. He has played a big part in helping to find solutions to questions around customer value in the industry and has grown the sales force considerably. The company has also delivered excellent investment performance for its customers during his tenure.
I want to thank Roddy for his role in the ongoing transformation of Old Mutual. His commitment in this area helped the business to conclude our broad-based Black Economic Empowerment deals. Internally, he has fostered an environment of affirmative action that has resulted in 50% of the newly appointed management team comprising experienced black professionals from within the business.
Sutcliffe says Sparks will help with the transition by remaining with the group until early July. Roddy will be handing over to a member of the strong management team he has built during his tenure. Paul Hanratty has extensive industry experience, with the flair and drive to lead Old Mutual South Africa into a new and exciting growth phase.
New Vision
Outlining his vision for the next three years, Hanratty says Old Mutual will accelerate its transition into a customer-facing business, organised around customer segments. Were going to work very closely with Nedbank and Mutual & Federal to offer greater customer value and to explore growth opportunities in South Africa and other parts of Africa.
I want a bold, entrepreneurial business that can capitalise on new opportunities. This means a culture with less bureaucracy, where our people are driven by results and motivated by success.
I am also determined to accelerate real transformation - firstly by ensuring that Old Mutuals internal culture continues to transform and secondly that we really support the broader economic, social development and transformation of South Africa.
New Management Team
Hanratty says a new management structure and executive committee has been put in place to achieve these goals. The focus will be on customer facing units driving the business, supported by excellent product and service suppliers.
The key client facing units will be headed by:
Thabo Dloti - MD Old Mutual Corporate,
Marshall Rapiya - MD Old Mutual Retail (focus LSM 1-8),
Mike Harper - MD Old Mutual Retail (focus on LSM 9-10) and
Johannes !Gawaxab - MD African Operations.
In support of these client facing units the existing technology, administration and service areas will continue to be headed by Peter de Beyer, who will now also look after the product and marketing functions. Peter Golesworthy continues as the Finance Director and Ralph Mupita has been appointed as Strategy Director. Following the recent transfer of Nicky Bicket to our London office, an announcement concerning the HR Director will be made in due course. This position will also be an executive committee appointment.
I believe this team has the skill, experience and energy to take Old Mutual into a new era . With 3 out of 4 of the newly created customer-facing segments now being led by black executives, we are also better positioned to serve our fast-growing client base more effectively, said Hanratty.
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