17th Feb 2025 15:36
(Alliance News) - Old Mutual Ltd said on Monday its Chief Executive Officer Iain Williamson will take early retirement on August 31.
The Anglo-South African financial services firm said its board has initiated a process, considering internal and external candidates, to identify a new CEO to lead the company through its next phase of growth.
"The board intends to conclude this process expeditiously," Old Mutual said.
Williamson will leave Old Mutual a "stronger, more resilient and more innovative company that is ideally positioned to grow and thrive into the future".
Old Mutual said Williamson will work with the board and his successor, upon their appointment, to ensure a "smooth and managed" handover.
It said its board has accepted Williamson's request to take early retirement after 32 years with Old Mutual.
Williamson was appointed the CEO in July 2020, after serving as the interim CEO from May 2019.
Old Mutual extended its "heartfelt thanks" for Williamson's "remarkable" commitment and service to the "company, its clients and the industry".
Williamson joined Old Mutual in 1993. Following various roles across employee benefits and personal finance, he relocated to London in a corporate development role at Old Mutual PLC.
He returned to South Africa in 2003, serving in a number of roles across distribution, technology and finance before being promoted to CFO Retail Affluent and then managing director of the Retail Affluent segment.
He was appointed as Old Mutual Emerging Markets' finance director in 2015, as chief operating officer in 2017.
Shares in Old Mutual closed up 0.1% to ZAR12.44 on Monday in Johannesburg. They were flat at 53.80 pence on Monday afternoon in London.
By Artwell Dlamini, Alliance News reporter
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