23rd Mar 2006 07:01
Old Mutual PLC23 March 2006 Old Mutual plc Paul Hanratty to replace Roddy Sparks as MD of Old Mutual South Africa Old Mutual plc is pleased to announce that Paul Hanratty has been appointed asManaging Director of Old Mutual South Africa, replacing current MD, RoddySparks. His appointment will be effective from 1 April 2006. Mr Hanratty (aged 45) is currently Deputy Managing Director, South Africa withresponsibility for Retail Product, Marketing and Distribution, and has been withOld Mutual since 1984. Mr Sparks, who will help with the transition by remaining with Old Mutual SouthAfrica until early July, says he is satisfied that the foundations have beenlaid for the next growth phase of the local business, and that the time is rightfor him to pursue other interests. Commenting, Jim Sutcliffe, Chief Executive of Old Mutual plc, commended Sparksfor his efforts in stabilising and growing the Company's South African business: "Roddy has helped build Old Mutual South Africa into a profitable business witha solid foundation. He has played a big part in helping to find solutions toquestions around customer value in the industry and has grown the sales forceconsiderably. The company has also delivered excellent investment performancefor its customers during his tenure." Outlining his vision for the next three years, Mr Hanratty says Old Mutual willaccelerate its transition into a customer-facing business, organised aroundcustomer segments. "We're going to work very closely with Nedbank and Mutual &Federal to offer greater customer value and to explore growth opportunities inSouth Africa and other parts of Africa. "I want a bold, entrepreneurial business that can capitalise on newopportunities. This means a culture with less bureaucracy, where our people aredriven by results and motivated by success. "I am also determined to accelerate real transformation - firstly by ensuringthat Old Mutual's internal culture continues to transform and secondly that wereally support the broader economic, social development and transformation ofSouth Africa." Mr Hanratty says a new management structure and team have been put in place toachieve these goals. "The focus will be on customer-facing units driving thebusiness and being supported by excellent product and service suppliers." The key customer facing units will be headed by:Thabo Dloti - MD, Old Mutual Corporate,Marshall Rapiya - MD, Old Mutual Retail (focus on Mass Market),Mike Harper - MD, Old Mutual Retail (focus on Affluent Market) andJohannes !Gawaxab - MD, African Operations. In support of these customer-facing units the existing technology,administration and service areas will continue to be headed by Peter de Beyer,who will also now assume responsibility for the product and marketing functions.Peter Golesworthy continues as the Finance Director and Ralph Mupita has beenappointed as Strategy Director. Mr Hanratty says: "I believe this team has the skill, experience and energy totake Old Mutual into a new era. With three of the four newly-createdcustomer-facing segments now being led by black executives, we are also betterpositioned to serve our fast-growing client base more effectively." 23 March 2006 ENQUIRIES: Old Mutual plcKatie Bell - Director Corporate Affairs (UK) + 44 (0) 20 7002 7163Malcolm Bell - Investor Relations (UK) + 44 (0) 20 7002 7166Deward Serfontein - Investor Relations (SA) + 27 21 509 8709 For further information about Old Mutual plc visit www.oldmutual.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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