Old Mutual Emerging Markets chief quits

File picture: Mike Hutchings

File picture: Mike Hutchings

Published Oct 31, 2016

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Johannesburg - Old Mutual on Monday announced that Ralph Mupita had resigned as chief executive of Old Mutual Emerging Markets (OMEM).

This, it said, is to pursue interests outside of the financial services industry.

Old Mutual said Mupita's resignation would not affect the business readiness programme OMEM was undergoing, like the rest of the Old Mutual businesses, as part of the business's managed separation process.

The search for a successor to Mupita, who had a notice period of three months, would be launched immediately.

Bruce Hemphil, Old Mutual chief executive and chairman of OMEM, thanked Mupita for his dedicated leadership over five years at the helm.

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“I will work very closely with OMEM's strong and deep management team to ensure there is no disruption to the business or its customers while we seek Ralph's successor,” Hemphil said.

“Meanwhile, the managed separation process is unchanged and we will continue to maintain our engagement with key stakeholders throughout.”

Mupita said he felt the time was right for him to pursue other interests outside of the industry after “16 great years at Old Mutual”. “Old Mutual plays an important role in the socio-economic transformation of South Africa and the other key markets in which it operates, and it has been a privilege to have been part of such an august and iconic institution,” Mupita said.

AFRICAN NEWS AGENCY

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