Old Mutual’s group chief executive Julian Roberts has stepped down as part of an “orderly succession plan” and will be succeeded by Bruce Hemphill.
Mr Hemphill is currently chief executive of wealth, insurance and non-bank financial services at Standard Bank Group, the largest African banking group by assets and earnings. He will be an executive director and based in London.
Mr Roberts will remain as group chief executive until Mr Hemphill’s start date, which is anticipated to be during the fourth quarter of 2015.
Patrick O’Sullivan, group chairman, said: “Bruce will bring experience as a chief executive of a public company combined with an in-depth knowledge of investments, savings, insurance and banking.
“With this appointment, Old Mutual is well placed to continue its growth and further develop its strategy.”
He added that under Mr Robert’s leadership, Old Mutual recovered from the challenges of the financial crisis and today is a “resilient business, which has delivered a substantial increase in shareholder value and dividends with a significantly lower level of debt”.
Mr Roberts added that it has been a great privilege to be chief executive of Old Mutual for the past seven years.
“During that time, a great deal has been achieved at the group and I am very pleased that I will be leaving the company in such capable hands both in terms of the new chief executive and the people who will support him.”