OLD MUTUAL PLC - Group Finance Director Succession and Appointment of Chief Operating Officer to the Board

Group Finance Director Succession and Appointment of Chief Operating Officer to the Board

OLD MUTUAL PLC
ISIN CODE: GB00B77J0862
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Old Mutual plc

Ref 49/14
14 May 2014

Old Mutual plc

GROUP FINANCE DIRECTOR SUCCESSION AND APPOINTMENT OF CHIEF OPERATING OFFICER
TO THE BOARD

Old Mutual plc ("Old Mutual" or the "Company") is pleased to announce the appointment of Ingrid Johnson
as Group Finance Director with effect from 1 July 2014. She will succeed Philip Broadley who will remain an
Executive Director to ensure an effective transition until 31st August 2014.


Ingrid Johnson is currently the Group Managing Executive: Retail and Business Banking for Nedbank Group
Limited. She was responsible for the strategic repositioning of these businesses since August 2009. She
has held business leadership roles in Nedbank for 20 years and is a chartered accountant, having trained at
Price Waterhouse. She will join the Old Mutual Board as an Executive Director and also become a member
of the Group Executive.


Old Mutual also announces today the appointment of Paul Hanratty as Chief Operating Officer, in which
capacity he will become an Executive Director of the Company from 1 July 2014 and will continue to be a
member of the Group Executive.


Julian Roberts, Group Chief Executive, commented:


“I am delighted that we are able to appoint two such high calibre individuals to the Old Mutual Board. Ingrid
will bring an in-depth knowledge of banking and the wider South African financial services environment,
while Paul has a wealth of experience in the Group’s insurance and investment businesses and an
exceptional understanding of the markets in which we operate.


“With these appointments, the Board is well placed to address the further development of Group strategy.


“I would like to pay tribute to Philip Broadley for all that he has achieved since he joined us in November
2008, at the height of the financial crisis. Under his expert stewardship, the Group today is a much more
resilient business able to focus on meeting our customers’ financial goals.”


Enquiries
External communications
Patrick Bowes UK       +44 20 7002 7440
Investor relations
Dominic Lagan UK       +44 20 7002 7190
Media
William Baldwin-Charles +44 20 7002 7133
                         +44 7834 524833

Lead Sponsor:
Merrill Lynch South Africa (Pty) Ltd

Joint Sponsor:
Nedbank Capital

Notes to Editors:
Old Mutual provides life assurance, asset management, banking and general insurance to more than 16
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.

Nedbank Group Limited is a subsidiary of the Old Mutual Group.

In the year ended 31 December 2013, the Group reported adjusted operating profit before tax of £1.6 billion
(on an IFRS basis) and had £294 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com


Remuneration Arrangements:

Ms. Johnson – Group Finance Director
Ms. Johnson’s annual base pay in her new role will be £600,000. Ms. Johnson’s short-term incentive (STI)
opportunity will be up to a maximum of 150% of base pay, applied on a pro-rata basis for the current year
from 1 July 2014. Payment of the STI will be subject to the achievement of Group and personal performance
targets. The STI will be awarded 50% in cash and 50% will be deferred for three years in the form of an
award of Old Mutual plc forfeitable shares.

Ms. Johnson will be granted an award equal to 250% of her base pay under Old Mutual’s Long-Term
Incentive Plan (LTI) to be granted following the announcement of the Company’s interim results for 2014. LTI
awards vest 50% after three years and 50% after four years, subject to the achievement of performance
targets. This is the only LTI award Ms. Johnson will retain in 2014, it will replace a long-term incentive award
granted to her by Nedbank earlier this year, which she has agreed to waive as part of the terms of
appointment to her new role at Old Mutual plc.

Ms. Johnson will also receive the standard Old Mutual executive director benefits package and assistance
with relocation, details of which will be disclosed in our Directors’ Remuneration Report.

Mr. Hanratty – Chief Operating Officer
Mr. Hanratty’s annual base pay in his new role will be £630,000. Mr. Hanratty’s STI opportunity will be up to
a maximum of 150% of base pay, applied on a pro-rata basis for the current year from 1 July 2014. Payment
of the STI will be subject to the achievement of Group and personal performance targets. The STI earned
will be awarded 50% in cash and 50% will be deferred for three years in the form of an award of Old Mutual
plc forfeitable shares.

Mr. Hanratty will be granted an award equal to 35% of his base pay under Old Mutual’s LTI (in addition to the
LTI award of 200% that was granted to him in April 2014 under his current arrangements) following the
Company’s interim results for 2014. LTI awards vest 50% after three years and 50% after four years, subject
to the achievement of performance targets.

Mr. Hanratty will also receive the standard Old Mutual executive director benefits package, details of which
will be disclosed in our Directors’ Remuneration Report.

The Company confirms that the above terms for both Ms. Johnson and Mr. Hanratty are in line with the
Remuneration Policy that has been submitted for shareholder approval at the Annual General Meeting.


Biographical Information:
Ingrid Johnson

Ingrid Johnson (age 47) has 20 years broad based financial services experience with the Nedbank Group in
both line and financial roles. She was appointed to the Nedbank Group Executive Committee in 2008 and is
a Prescribed Officer of the Group. Her current responsibility is Group Managing Executive: Retail and
Business Banking – 2013 Revenues £1.6b; Pre-Tax Earnings £318m and over 20,500 employees. She
assumed this role in August 2009, taking responsibility for the Retail Banking Cluster and managing the
integration of Imperial Bank, in addition to retaining her role of leading the commercial cluster Business
Banking, since 2005. In 2004 Ingrid was appointed to the role of Managing Executive Corporate Banking
following experience gained in line management, balance sheet management and leading the foreign
currency financing operations in several off-shore jurisdictions. Ingrid qualified as a chartered accountant in
1993 having served her articles with Price Waterhouse and completed the Advanced Management
Programme at Harvard Business School in 2005.

Paul Hanratty

Paul Hanratty (age 52) was appointed Group Operating Officer in 2013. Has was CEO of Long Term
Savings and Chairman of Old Mutual South Africa (OMSA) from September 2009. Paul started with OMSA in
1984 and joined the Board of the OMSA life business in 2003 and became Managing Director of OMSA in
2006. He held a number of other roles including Head of Product Development, General Manager Finance &
Actuarial, Executive General Manager Individual Life and Head of the Retail Business. He is a fellow of the
Institute of Actuaries.

Date: 14/05/2014 09:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.