Wrap Text
Changes to the Board and Committee Memberships
OLD MUTUAL PLC
ISIN: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Old Mutual plc
Ref 1/14
6 January 2014
CHANGES TO THE BOARD AND TO BOARD COMMITTEE MEMBERSHIPS
1. APPOINTMENTS TO THE BOARD
Old Mutual plc ("Old Mutual” or “the Company") is pleased to announce that Zoe Cruz and Adiba with
Ighodaro have both agreed to join its Board as independent non-executive directors with effect from
today. Further biographical details of the two new appointees are set out at the end of this
announcement.
Commenting on their appointments, Patrick O’Sullivan, Chairman of the Company, said:
“We are very pleased to welcome Zoe and Adiba to our Board. Zoe’s extensive experience of
international financial markets and asset management will provide us with additional insight into these
important areas of the Group’s business, while Adiba’s deep knowledge of investing and operating in
sub-Saharan Africa will widen the Board’s ability to evaluate opportunities as we pursue our strategy
of expanding further into this region.
“With these appointments, we now have a Board which reflects substantial diversity in terms of skills,
experience, geography and gender. The composition of the Board has been structured so as to match
and support the evolution and focus of the Group's strategy.”
Zoe Cruz said:
“I am especially pleased to be working alongside the rest of the talented Board of Old Mutual. I look
forward to contributing to the growth and success of the Group at a very interesting time in its
development.”
Adiba Ighodaro said:
“No other group of its kind is better positioned to expand its activities across rapidly growing markets
in the rest of Africa. Joining the Board at this juncture and contributing what I can to solidifying this
growth will be a privilege.”
Old Mutual confirms that there are no matters relating to Zoe Cruz or Adiba Ighodaro that would
require disclosure under Listing Rules 9.6.13 (1) to (6). Neither of them currently has any beneficial
interest in securities of Old Mutual plc or its listed subsidiaries.
2. RESIGNATION FROM THE BOARD
Bongani Nqwababa, who has been an independent non-executive director of the Company since April 2007,
has resigned from the Board today.
Commenting on his resignation, Mr O’Sullivan said:
“After nearly seven years on our Board, Bongani now wishes to dedicate more of his time to his
executive and new non-executive positions. I would like to thank him for his valuable contribution to
the Group and to extend our best wishes to him for the future.”
Mr Nqwababa will be paid his Board and Committee membership fees on a pro rata basis to 6
January 2014. There will be no payment for loss of office.
3. CHANGES TO BOARD COMMITTEES
Various changes have been made to Board Committee memberships following the annual review of
the composition of the Committees and in light of the changes to the Board described above. As a
consequence, the memberships of the Board’s main standing Committees will now be as follows:
Board Risk Committee: Mike Arnold (Chairman)
Zoe Cruz
Reuel Khoza
Nyembezi-Heita
Nku Nyembezi
Roger Marshall
Group Audit Committee: Roger Marshall (Chairman)
Mike Arnold
Danuta Gray
Adiba Ighodaro
Nkosana Moyo
Nomination Committee: Patrick O’Sullivan (Chairman)
Alan Gillespie
Danuta Gray
Reuel Khoza
Nyembezi-Heita
Nku Nyembezi
Julian Roberts
Remuneration Committee: Alan Gillespie (Chairman)
Zoe Cruz
Danuta Gray
Roger Marshall
Nkosana Moyo
It has also been agreed that, after the 2014 Annual General Meeting, Danuta Gray will step down
from the Group Audit Committee and will succeed Alan Gillespie as Chairman of the Remuneration
Committee. Mr Gillespie will still remain a member of that Committee after ceasing to be its Chairman.
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Enquiries
External communications
Patrick Bowes UK +44 20 7002 7440
Investor relations
Dominic Lagan UK +44 20 7002 7190
Kelly de Kock SA +27 21 509 8709
Media
William Baldwin-Charles +44 20 7002 7133
+44 7834 524833
Notes to Editors
Photographs of Zoe Cruz and Adiba Ighodaro are available on the Company’s website at the following
address: http://www.oldmutual.com/about/boardOfDirectors.jsp.
Biographical details
Zoe Cruz
Zoe was Co-President for Institutional Securities and Wealth Management at Morgan Stanley from
2005 to 2007. She was responsible for running major revenue-generating businesses there, including
overseeing their securities risk management and information technology. From 2009 to 2012, she
was involved in founding and running her own investment management firm, Voras Capital
Management.
Prior to becoming Co-President of Morgan Stanley, she had been its Global Head of Fixed Income,
Commodities and Foreign Exchange from 2001 until 2005. She joined the company in 1982 and was
the third founding member of the foreign exchange group. She became a Vice President in 1986,
Principal in 1988, Managing Director in 1990 and was Co-Head of the Foreign Exchange Group from
1993 until 2001.
Her early career was spent as a Foreign Exchange Trade with New England Merchants National
Bank.
She has a BA and an MBA from Harvard University.
Adiba Ighodaro
Adiba obtained a law degree in London, before moving to Nigeria, where she qualified at the Nigerian
Bar and worked initially in private practice. She then joined the Commonwealth Development
Corporation (CDC) in 1991, first in London, and later in Lagos, with a remit to establish CDC’s
Nigerian business. She moved to the Caribbean a year later as a Senior Investment Executive and
Investment Manager of CDC, helping to obtain investment for and dispose of some of the company’s
interests in Africa and the Caribbean. Later she became CDC’s Country Manager for Nigeria. She
also became Head of West Africa, with responsibility for building the investment business of its Actis
unit across the region.
Actis was spun out of CDC in 2004, resulting in Adiba’s role changing primarily to raising investment
Fund and $1.2 billion Infrastructure funding including for Actis's $3 billion Global Emerging Markets
Fund.
Adiba was a founding Board Director and Investment Committee member of Capital Alliance Private
Equity Limited, Nigeria. She has also contributed extensively to various think tanks, including the
Nigerian Economic Summit Group, the Privatisatio Committee and the Nigerian-South African
Business Council.
She has an LLB from Kings College University of London and a Certified Diploma in Accounting &
Finance (ACCA).
Old Mutual
Old Mutual provides life assurance, asset management, banking and general insurance to more than
14 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.
In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6
billion (on an IFRS basis) and had £262 billion of funds under management from core operations.
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
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