Old Mutual has appointed former finance minister and minister for the presidency, Trevor Manuel, as chairman of Old Mutual Emerging Markets (OMEM).
Manuel has served as a non-executive director of Old Mutual since January 2016.
In its announcement on Sens, Old Mutual said: “Manuel’s appointment is an important step in the business readiness process for OMEM under Old Mutual’s managed separation strategy.
In March last year, Old Mutual announced that the group will separate its four principal businesses – OMEM, Nedbank, Old Mutual Wealth and Old Mutual Asset Management. OMEM and Nedbank’s relationship will continue and a minority shareholding in Nedbank will be distributed to Old Mutual shareholders in time.
Manuel is to oversee the establishment of a 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″.
Group CEO of Old Mutual Bruce Hemphill will step down as OMEM Chairman, but remain on its board.
Hemphill said Manuel’s credentials reflect his 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 it’s an important and exciting time to become OMEM’s chair. “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.”
Old Mutual publishes its results for the year to December 31 2016 on Thursday.
OMEM interim CEO Iain Williamson, said it’s satisfied with its financial performance continues to make good progress with its “strategic priorities, including preparations for our independent future as the principal operation of the primary listed entity in South Africa”.