24th Jul 2007 08:00
Old Mutual PLC24 July 2007 Old Mutual plc Ref 39/07 24 July 2007 Mutual & Federal Management Changes Old Mutual plc, the international savings and wealth management group, todayannounces the appointment of Keith Kennedy as Managing Director of Mutual &Federal Insurance Company Limited ("Mutual & Federal"), the South Africa-basedshort-term insurer of which Old Mutual is a majority shareholder. Mr Kennedyreplaces current Managing Director Bruce Campbell with effect from 16 August2007. Bruce Campbell leaves after 34 years with Mutual & Federal, nine of which wereas Managing Director, to assume the new role of Executive Chairman at AlexanderForbes. During his tenure, Mr Campbell led significant achievements at Mutual &Federal including the implementation of successful empowerment transactions andseveral key acquisitions including CGU (Commercial General Union), whiledelivering consistently positive underwriting results and excellent returns forshareholders. Jim Sutcliffe, Chief Executive of Old Mutual plc, said: "Over recent years, Mutual & Federal has maintained its position as one of theleading general insurers in Southern Africa despite increased competition andchallenging trading conditions. Bruce has encouraged a culture of disciplineand delivery, and has demonstrated considerable commitment to transformation. Onbehalf of Old Mutual, I would like to extend my thanks to Bruce for hisdedication and commitment over the years and to wish him every success in thefuture. "Keith's 24 years' experience in the general insurance industry and high regardwithin the company and the industry make him the ideal candidate to takecharge." Keith Kennedy said: "Bruce has laid an excellent foundation at Mutual & Federal and I'm fortunate tosucceed him. Some of the key areas that I will immediately focus on will bepositioning our company to meet the insurance needs of the broader South Africanmarket, making a commitment toIT development to improve operational efficiencyand become more innovative, and making Mutual & Federal one of the bestcompanies to work for. With the industry currently in a downward cycle,improving our underwriting profits also requires special attention. We willcontinue to focus on broker relationships which are essential for success in ourbusiness." Mutual & Federal also announces new executive appointments at the company. Withan increasing focus on people, Jeanett Modise is promoted to Executive GeneralManager, still responsible for Human Resources and overseeing significant changeprogrammes. Graham Stavridis is to replace Mr Kennedy as Executive GeneralManager, Claims division. The executive team has also been strengthened by theappointment of Mokaedi Dilotsotlhe as General Manager, Marketing and Strategy. Chairman of Mutual & Federal, Jabu Magwaza, commented: "One of the essential areas of focus for Mutual & Federal is the acceleration ofour transformation programme, and the appointment of Jeanett to the executivemanagement highlights how important our people and their development is goingforward. We also welcome Graham and Mokaedi, who both bring a wealth ofexperience with them from Old Mutual SA." Enquiries Investor RelationsMalcolm Bell UK +44 (0)20 7002 7166Deward Serfontein SA +27 (0)21 509 8709 MediaJames Crampton UK +44 (0)20 7002 7133Nad Pillay SA +27 (0)21 504 8026Carol Dundas SA: Mutual & Federal +27 (0)11 444 0650 Notes to editors Keith Kennedy Keith Kennedy joined Mutual & Federal in 2000 to head the Commercial BusinessDivision. In 2002 he was appointed Executive General Manager: Claims. He serveson the Board of Nedinsurance Company Limited and is also alternate director atthe South African Insurance Association (SAIA). Prior to joining Mutual &Federal, Kennedy spent seventeen years at Guardian National where he had anillustrious career occupying senior positions in IT, Personal Lines business andUnderwriting, culminating in his appointment as Director of Operations. Mutual & Federal Mutual & Federal provides insurance services to the personal, commercial andcorporate markets in South Africa, Namibia, Botswana and Zimbabwe. Old Mutual owns 75% of Mutual & Federal Insurance Company Limited on a dilutedbasis, after taking account of Mutual & Federal's BEE ownership transactions.Mutual & Federal's shares are listed on the JSE. Old Mutual plc Old Mutual plc is an international savings and wealth management company basedin the UK. Originating in South Africa in 1845, the group has a balancedportfolio of businesses offering asset management, life assurance, banking andgeneral insurance services in over 40 countries, primarily South Africa, Europeand the United States. Old Mutual is listed on the London, Johannesburg andStockholm stock exchanges, among others. By conducting its business worldwide under its core values of integrity, respectand accountability, Old Mutual aspires to push beyond boundaries to drive valuefor all its stakeholders. In the year ended 31 December 2006, the group reported an increase in adjustedoperating profit of 16% to £1.4 billion (IFRS basis). Old Mutual had £249billion of funds under management at 31 March 2007, and 53,000 employees. For further information on Old Mutual plc, please visit its website atwww.oldmutual.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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