Peter Bain, CEO of Old Mutual’s US business, quits
The Omam chief’s resignation takes effect immediately, and chairman James Ritchie will take the reins until a new CEO is appointed
The CEO of Old Mutual’s US business, Old Mutual Asset Management (Omam), Peter Bain, resigned with immediate effect on Friday.
Omam chairman James Ritchie would double as interim CEO until a new appointment was made, Old Mutual said in a statement.
"Peter has successfully accomplished his mission. He has delivered on his mandates to reshape the business, develop the leadership team, and achieve the company’s listing on the New York Stock Exchange, which has enabled Old Mutual plc to substantially achieve its stated objective of exiting its ownership of the business," Ritchie said in the statement.
Old Mutual announced on May 22 that it had reduced its holding in Omam to 22.4% after selling 17.3-million shares at $14.55 each.
This effectively means Old Mutual’s stake in Oman has fallen to 7.4% because HNA Capital has agreed to acquire 15% of Omam for $15.75 per share by the end of 2017.
The share’s closing price in New York on Thursday was $15.15.