Mutual & Federal Executive Changes: Campbell out - Kennedy in
Old Mutual plc and Mutual & Federal Ltd. today announce the appointment of Keith Kennedy as Managing Director of Mutual & Federal, the South Africa-based short-term insurer of which Old Mutual is a majority shareholder. Mr Kennedy replaces current Managing Director Bruce Campbell with effect from 16 August 2007.
Bruce Campbell leaves after 34 years with Mutual & Federal, nine of which were as Managing Director, to assume the new role of Executive Chairman at Alexander Forbes. During his tenure, Mr Campbell led significant achievements at Mutual & Federal including the implementation of successful empowerment transactions and several key acquisitions including CGU (Commercial General Union), while delivering
consistently positive underwriting results and excellent returns for shareholders.
Jim Sutcliffe, Chief Executive of Old Mutual plc, said:
"Over recent years, Mutual & Federal has maintained its position as one of the leading general insurers in Southern Africa despite increased competition and challenging trading conditions. Bruce has encouraged a culture of discipline and delivery, and has demonstrated considerable commitment to transformation. On behalf of Old Mutual, I would like to extend my thanks to Bruce for his dedication and commitment over the years and to wish him every success in the future".
"Keith's 24 years experience in the general insurance industry and high regard within the company and the industry make him the ideal candidate to take charge".
Keith Kennedy said:
"Bruce has laid an excellent foundation at Mutual & Federal and I'm fortunate to succeed him. Some of the key areas that I will immediately focus on will be positioning our company to meet the insurance needs of the broader South African market, making a commitment to IT development to improve operational efficiency and become more innovative, and making Mutual & Federal one of the best companies to work for. With the industry currently in a downward cycle, improving our underwriting profits also requires special attention. We will continue to focus on broker relationships which are essential for success in our business."
Mutual & Federal also announces new executive appointments at the company. With an increasing focus on people, Jeanett Modise is promoted to Executive General Manager, still responsible for Human Resources and overseeing significant change programmes. Graham Stavridis is to replace Kennedy as Executive General
Manager, Claims division. The executive team has also been strengthened by the appointment of Mokaedi Dilotsotlhe as General Manager, Marketing and Strategy.
Chairman of Mutual & Federal Jabu Magwaza commented:
"One of the essential areas of focus for Mutual & Federal is the acceleration of our transformation programme, and the promotion of Jeanett highlights how important our people and their development is going forward. We also welcome Graham and Mokaedi who both bring a wealth of experience with them from Old Mutual SA."
