Bruce Hemphill

JOHANNESBURG - Nedbank on Wednesday announced that Old Mutual chief executive Bruce Hemphill will be stepping down from its board as non-executive director with effect from 11 June.

Hemphill was appointed as the group chief executive of Old Mutual plc and as a non-executive director of the companies in November 2015, overseeing Old Mutual's "managed separation" in which its UK arm is being unbundled onto the London Stock Exchange .

In 2016, Nedbank's parent company Old Mutual plc announced its managed separation strategy, and in April this year announced that, subject to shareholder and other approvals, the managed separation would be materially completed by the end of 2018.

Nedbank said that Hemphill's place on the board would be taken by Peter Moyo, the chief executive of Old Mutual Emerging Markets and chairman of Business Against Crime South Africa (BACSA).

Nedbank group chairman Vassi Naidoo welcomed Moyo, saying that his experience and understanding of the South African and wider financial services industry would be of great benefit to Nedbank.

- African News Agency (ANA)