Old Mutual names Trevor Manuel as chair of emerging markets unit
Old Mutual has appointed former finance minister, Trevor Manuel, as chairman of Old Mutual Emerging Markets (OMEM).
Manuel has served as a non-executive director of Old Mutual since January 2016 and was South Africa’s minister of finance from 1996 to 2009, and minister for the Presidency in charge of the National Planning Committee from 2009 to 2014.
“Mr Manuel’s appointment is an important step in the business readiness process for OMEM under Old Mutual’s managed separation strategy. Bruce Hemphill, Group CEO of Old Mutual, will step down as chairman of OMEM, but remain on the OMEM board,” the group said in a statement on Thursday.
Manuel, the financial services group said, will oversee the establishment of the appropriate board and governance structures for an independently-listed OMEM and in line with the King IV Report on Corporate Governance which will come into effect on 1 April 2017.
Hemphill said: “It is a pleasure to announce Trevor as chairman of OMEM as his credentials reflect his extensive experience and leadership across business and the public sector. In particular he embodies the values of Old Mutual and King IV in aligning good corporate governance with good corporate citizenship.”
Manuel said: “This is an important and exciting time to become Chairman of OMEM. The company has made a significant contribution to South Africa over many years and it will remain a priority that Old Mutual contributes to the prosperity of all South African citizens.”
Reuters reported that Old Mutual is on track to complete its break-up into four parts by the end of 2018.
On Thursday, the group reported that total revenue for the year ended December, increased to GBP18.7 billion, from GBP13.2 billion.
Headline earnings per share increased to 14.8 pence per share , from 13.9 pence per share previously.
Read: These 3 graphs show how South Africa’s wealth distribution has changed since apartheid
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