15th Apr 2015 06:48
LONDON (Alliance News) - Old Mutual PLC Wednesday said Chief Executive Julian Roberts is to stand down from the role after seven years in the role, with the head of Standard Bank Group's wealth, insurance and non-bank financial services to take over in the fourth quarter of 2015.
Roberts was appointed as chief executive in September 2008 after leading the group's Skandia business. He is being replaced by Bruce Hemphill, who took up his role at Standard Bank in February 2014 after joining the Johannesburg-based bank in 2013.
"Bruce will bring experience as a chief executive of a public company combined with an in-depth knowledge of investments, savings, insurance and banking. He also has a deep understanding of the South African and wider African financial services environment," Old Mutual Chairman Patrick O'Sullivan said in a statement.
The chairman also paid tribute to Roberts, who began work in the global financial crisis of 2007-09.
"Under his expert leadership, the group recovered from the challenges of the financial crisis and today is a resilient business, which has delivered a substantial increase in shareholder value and dividends with a significantly lower level of debt," O'Sullivan said.
By Samuel Agini; [email protected]; @samuelagini
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