16th May 2006 11:30
Old Mutual PLC16 May 2006 Old Mutual plc Old Mutual appoints first Chief Executive Officer of Old Mutual (USA) The Board of Old Mutual plc ("Old Mutual" or "the Group") is pleased to announcethe appointment of Scott Powers, currently Chief Executive Officer of Old MutualAsset Management (US), as Chief Executive Officer of Old Mutual (USA). This appointment, effective from 1 July, will extend Mr Powers' responsibilitiesto overseeing both the Group's US asset management and its US Life business. GuyBarker, currently head of Old Mutual's US Life business, will be Deputy CEO ofOld Mutual (USA), and will remain Chief Executive of the US Life business untilhe reaches his planned retirement date at the end of 2007. Jim Sutcliffe, Old Mutual Chief Executive, comments: "I am delighted that Scott has accepted this appointment as the first CEO of OldMutual (USA). He has successfully managed the development of our US assetmanagement business for the past four and a half years, with its multi-boutiquemodel delivering superior investment returns to clients and growing funds undermanagement from $160 billion to $249 billion. I am sure he will continue thistrack record of achievement in his new role." Scott Powers adds: "I am very pleased to be appointed CEO of Old Mutual (USA). It is an excitingtime in the history of the Group. Since Old Mutual's acquisition of the USbusinesses in 2000 and 2001, we've gone from strength to strength, and we willcontinue to seek and develop the best ways to respond to the ever-evolving needsof investors and to creating value for our shareholders. "From an organizational perspective, we recognise and are determined to protectthe unique competitive advantages of our two businesses, while reflecting on thedemographics of an ageing Baby Boomer generation that will increasingly look tofinancial advisers for strategies that provide them with asset protection,wealth accumulation and preservation, and, ultimately, income to support them intheir retirement years. "With the alliance of our two businesses, we are strongly positioned to offer awide array of attractive strategies to satisfy investors' needs." 16 May 2006 ENQUIRIES: Old Mutual plcMedia: Tel: +44 (0) 20 7002 7133Miranda Bellord (UK) Tel: +27 (0) 82 553 7980Nad Pillay (SA)Investors: Tel: +44 (0) 20 7002 7166Malcolm Bell (UK) Tel: +27 (0) 21 509 8709Deward Serfontein (SA) College Hill (UK) Tel: +44 (0) 20 7457 2020Tony FriendGareth David 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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