14th Mar 2016 14:29
LONDON (Alliance News) - Old Mutual PLC on Monday named Rob Leith, a former global head of investment banking and global markets at Russia's Sberbank CIB, to oversee the separation of its four main businesses.
Chief Executive Bruce Hemphill, a former executive at African lender Standard Bank Group, last week confirmed that Old Mutual will conduct a "managed separation" to cut debt, costs and complexity.
The four divisions include Old Mutual's 66% stake in New York-listed OM Asset Management and a 54% stake in Johannesburg-listed lender Nedbank, already publicly traded entities in their own right. Old Mutual will The separation "may involve equity market activity" for Old Mutual's UK-focused wealth management arm and its emerging markets business based in South Africa.
Rob Leith will be responsible for the "coordinated execution" of the separation, Old Mutual said Monday, working in partnership with Finance Director Ingrid Johnson and Strategy Director Ian Gladman.
Old Mutual said that Leith is joining from a private investment company, which it did not name, where he has worked since September 2014. He was previously at Sberbank, a role he took on in 2012 after working for South Africa's Standard Bank, where he had served for more than 20 years in the UK.
"I am delighted that Rob has agreed to join the team. He brings commercial wisdom to the complex interrelated set of decisions which will be required as we execute the managed separation," Hemphill said Monday.
Leith said: "Old Mutual has four very strong businesses with excellent competitive positions in sizeable markets. I look forward to working with the businesses to unlock shareholder value."
Shares in Old Mutual were up 3.2% at 187.80 pence on Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Old Mutual PLC