UNBUNDLING
Old Mutual unit picks seven new directors
OMGH recruits seven new independent nonexecutive directors as its subsidiaries prepare for independence from the wider group
Old Mutual Group Holdings (OMGH), the South African holding company for Old Mutual plc’s emerging-markets business and the insurer’s shares in Nedbank, has recruited seven new independent nonexecutive directors as its subsidiaries prepare for independence from the wider group. The new directors — drawn from sectors as varied as asset management and information technology — add to 13 members of the emerging markets board chaired by former finance minister Trevor Manuel. They include Coronation Asset Management co-founder Thys du Toit; John Lister, former chief risk officer of London-based insurer Aviva; James Mwangi, executive of the Dalberg Group consultancy; and Ignatius Sehoole, former president of the South African Institute of Chartered Accountants. "This is an important period in the development of the Old Mutual’s emerging-markets business as we prepare for an evolving future," said Manuel. Old Mutual is quartering its core units and either unbundling its shares — in the case ...
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