JOHANNESBURG – Old Mutual Emerging Markets (OMEM), a division of the Old Mutual Group, announced on Friday that Dave Macready would become CEO of Old Mutual South Africa on May 1.
Macready (56), who is currently the group managing executive of Nedbank Wealth, takes over from Marshall Rapiya, who has been with the Group for 37 years and led the local business for 11 years.
Rapiya will take up a new deputy chair role in Old Mutual Life Assurance Company South Africa, OMEM’s largest subsidiary.
“He [Macready] was instrumental in growing, over 10 years, one of the most efficient bancassurance models in South Africa resulting in the generation of 13% of overall Nedbank Group non-interest revenue from insurance activities alone,” OMEM said in a statement.
“He was also responsible for driving the Nedgroup Investments strategy, which grew assets under management from R18 billion in 2004 to R214 billion today as well as the integration of the various wealth management businesses of the Nedbank Group under a single brand,” OMEM said.
“I am very excited about the roles that Dave and Marshall will now play within the greater business. We are looking to make our businesses stronger, more competitive and strengthen group collaboration in South Africa,” commented CEO of OMEM, Ralph Mupita.
Rapiya said he was particularly appreciative of his contribution to Old Mutual SA’s mass foundation cluster, which today was a “market share leader”.
Concluded Mupita, “I’m equally excited about the deep bench of young talented black executives coming through, which augurs very well for our transformation efforts in the near term. South African black executives run businesses that generate over 60% of our South African profits if you look at our 2014 financials.”
COO of Nedbank Wealth, Iolando Ruggiero, takes over from Macready as managing executive of Nedbank Wealth.