Cape Town – Old Mutual on Thursday named former South African finance minister Trevor Manuel as chairman of Old Mutual Emerging Markets (OMEM), describing the appointment as an important step in preparing for the unit’s separation from the rest of the business. Old Mutual has said that it will separate into four stand alone businesses by the end of 2018.
The emerging markets business will separate from Nedbank and the wealth and asset management arms.
The company said in a statement that Manuel, who had been a non-executive director of Old Mutual since January 2016, would oversee the establishment of the board and governance structures for an independently-listed OMEM.
Bruce Hemphill, the group’s chief executive, said Manuel’s credentials reflected his extensive experience and leadership across business and the public sector.
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“In particular, he embodies the values of Old Mutual and King IV in aligning good corporate governance with good corporate citizenship,” Hemphill added.
Manuel said: “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.”