File image: IOL
File image: IOL
File image: IOL
File image: IOL

CAPE TOWN - Insurance company Old Mutual Emerging Markets (OMEM) has appointed a new Chief Financial Officer (CFO). 

Old Mutual, which has a history of 170 years as a South African-based mutual society prior to its public listing in 1999. 

The senior company announced the appointment of Michael Gerald IIsley as CFO of OMEM and CFO-designate of Old Mutual Limited (OML). 

According to Old Mutual Emerging Markets, OML will be the South African holding company which is programmed to be listed by next year. 

The newly-appointed CFO has extensive financial experience in top listed companies. 

Among the companies, he is related to include Alexander Forbes at which he held the title of Group Finance Director from 1999 to 2007.  

He also served as a partner at PricewaterhouseCoopers (PwC) prior to his position at Alexander Forbes. 

Following his employment at Alexander Forbes, Michael has held several non-executive directorships of listed insurance entities.

“I am delighted that Mike has agreed to join the team and I look forward to resuming our past successful partnership. His vast experience in the insurance industry and his deep knowledge as finance director of a listed financial services group will be invaluable as we take the business to its listing and beyond", said Peter Moyo, Chief Executive Officer (“CEO”) of OMEM and CEO-designate of OML, said Peter Moyo, Chief Executive Officer (CEO) of OMEM and CEO-designate of OML. 

Illsley noted his excitement for his new role by saying: “I look forward to joining Old Mutual at this exciting time and to have the opportunity to be part of the team to return Old Mutual to South Africa". 

As a result of Illsley's appointment, the current OMEM Finance Director, Iain Williamson will take on the role of Chief Operating Officer (COO). 

Williamson's focus will be on a broader operational scope as part of Moyo's senior management team. 

Iain's immense experience across the customer-facing business is expected to be instrumental in this role, along with his established relationships which he cultivated within his career. 

“I am excited about the opportunity to move back into an operational role and to working closely with Peter and Mike to take OMEM on the next stage of its development", said Williamson. 

- BUSINESS REPORT ONLINE