Investment, savings, insurance, and banking group Old Mutual on Thursday (3 October) announced changes to its executive committee structure.
Jonas Mushosho, current managing director: Rest of Africa, will retire at the end of 2019, following three decades of service to the group, having joined Old Mutual in 1990. He has since served in various senior and executive roles, including as the current chief executive officer of Old Mutual Zimbabwe.
“Most notable though, has been Jonas’ role in overseeing the organisation of Old Mutual’s presence outside on the rest of the continent, outside of South Africa. Under his strategic direction and leadership, Old Mutual’s Rest of Africa business continues to take advantage of the significant growth opportunities on the continent.
“This is in line with the group’s rationale for returning our core business to the African continent,” Old Mutual said.
The group announced the appointment of Clement Chinaka, current MD of Old Mutual Corporate as Mushosho’s replacement. An actuary by profession, Old Mutual said that Chinaka has built a stellar track record at the group over more than two decades.
“Under his leadership, the group’s corporate division has consistently delivered strong growth and quantifiable value for all shareholders and stakeholders alike,” it said.
The group further announced the appointment of Prabashini Moodley, currently chief financial officer of the Mass and Foundation Cluster (MFC), to the role of MD of Old Mutual Corporate. “Also, an Actuary by profession, she brings into this role almost 15 years of experience, having completed successful stints in the group’s investment group and personal finance divisions before joining the MFC team,” it said.
“Prabashini has since played an instrumental role in steering the delivery of impressive growth for the MFC business, elevating the division to Old Mutual’s leading driver of both profit and value.”
“With the appointment of Prabashini, Old Mutual’s executive committee can be counted as amongst the most transformed of any business in South Africa, with four black females and a majority black representation on the team,” said Iain Williamson, interim CEO of Old Mutual.
To give effect to these changes, a process of handovers has already begun and is expected to be concluded before the incumbents take office, Old Mutual said. Mushosho will continue as the CEO of Old Mutual Zimbabwe until the end of 2019.