Old Mutual PLC Old Mutual Wealth appoints Tim Tookey as CFO (6198D)
April 28 2017 - 1:02AM
UK Regulatory
TIDMOML
RNS Number : 6198D
Old Mutual PLC
28 April 2017
Old Mutual plc
Ref 88/17
28 April 2017
old mutual wealth appoints tim tookey as chief financial
officer
The Board of Old Mutual Wealth announces today that it has
appointed Tim Tookey as Chief Financial Officer, reporting to Paul
Feeney, Chief Executive of Old Mutual Wealth. This appointment is
subject to regulatory approval. Tim is currently a Non-Executive
Director of Old Mutual Wealth and Chairman of its Audit
Committee.
Mark Satchel will become Corporate Finance Director and act as
deputy to Tim. Mark will remain a member of the Old Mutual Wealth
Executive Committee and a Director of the Old Mutual Wealth
Board.
George Reid takes over from Tim as Interim Chair of the Old
Mutual Wealth Board's Audit Committee. Old Mutual Wealth will
commence a search for an Independent Non-Executive Director to
replace Tim as Chair of that committee.
Tim brings significant financial services experience to Old
Mutual Wealth. He has worked at Board level in financial services
for over 20 years and has been responsible for managing a large
number of significant business transformation and strategic
projects, capital markets activity and other corporate actions. Tim
will work with Mark to prepare the business for the planned
demerger and listing, as part of Old Mutual plc's managed
separation process.
Paul Feeney said: "I am delighted that Tim has agreed to join
the executive team. He brings a wealth of capital markets,
regulatory and operating experience with large publicly listed
financial services companies. I believe that, working together, Tim
and Mark will support the business through the next phase of our
corporate journey as well as building on the positive momentum we
have achieved. We will be seeking to appoint a further
non-executive director in due course, given Tim's executive
appointment."
Tim Tookey said: "I am excited to be joining Old Mutual Wealth
in a full time executive capacity as it moves into this next
important phase of its evolution. Old Mutual Wealth is a unique and
successful wealth management business. I look forward to working
with Paul, Mark, the leadership team and Old Mutual plc as we
prepare this business for an independent future."
Bruce Hemphill, Group Chief Executive of Old Mutual plc added:
"Old Mutual Wealth has taken another positive step in its
preparation for managed separation. Tim has a proven track record
in senior roles in finance for publicly listed companies. I look
forward to working further with Tim and Mark in their new
roles."
Enquiries
External communications
Patrick Bowes +44 20 7002 7440
Investor relations
Dominic Lagan +44 20 7002 7190
Media
William Baldwin-Charles +44 20 7002 7133
+44 7834 524833
Notes to Editors
Old Mutual provides investment, savings, insurance and banking
services to 19.4 million customers in Africa, the Americas, Asia
and Europe. Originating in South Africa in 1845, Old Mutual has
been listed on the London and Johannesburg Stock Exchanges, among
others, since 1999.
Old Mutual is executing its strategy of managed separation,
which will entail separating its four businesses into standalone
entities. The four businesses are:
Old Mutual Emerging Markets: an attractive business with a
dominant position in South Africa, well-placed to capitalise on
sub-Saharan African growth as a diversified financial services
provider with strong operations in key East and West African
markets.
Nedbank: one of South Africa's four largest banks with very
strong corporate, commercial and property finance franchises, and a
growth opportunity in the retail market, as well as pan-African
optionality through its stake in Ecobank Transnational Inc
(ETI).
Old Mutual Wealth: a leading, integrated wealth management
business, focused on the UK upper and middle market, with strong
prospects in a rapidly growing GBP3 trillion market.
OM Asset Management: an institutionally focussed, multi-boutique
asset management business, delivering strong, diversified growth in
attractive asset classes through organic initiatives and
acquisitions.
For the year ended 31 December 2016, Old Mutual reported an
adjusted operating profit before tax of GBP1.7 billion and had
GBP395 billion of funds under management. For further information
on Old Mutual plc and the underlying businesses, please visit the
corporate website at www.oldmutualplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPGUAACUPMGQM
(END) Dow Jones Newswires
April 28, 2017 02:02 ET (06:02 GMT)
Old Mutual (LSE:OML)
Historical Stock Chart
From Apr 2024 to May 2024
Old Mutual (LSE:OML)
Historical Stock Chart
From May 2023 to May 2024