Old Mutual ropes in Vodacom chair

OLD Mutual has headhunted the chairman of Vodacom, Peter Moyo, to head its emerging markets arm.

Moyo would return to his former employer on June 1 as chief executive of Old Mutual Emerging Markets (Omem), replacing Ralph Mupita, who resigned in October.

An executive-search firm was given criteria the ideal candidate had to meet and approached individuals that closely matched the criteria, said Old Mutual spokesman William BaldwinCharles.

The candidate needed to have a deep understanding of financial services in SA as well as the technical expertise and hands-on industry experience needed to run a large life company. The candidate had to be an astute and seasoned businessperson, the insurer said.

“We were also looking for a transformation candidate,” said Baldwin-Charles. “Over and above that, Peter brings a collegiate leadership style and is a highly skilled relationshipbuilder, which is critical for Old Mutual.”

He paid good attention to detail, was not afraid of asking the difficult questions and had a true commitment to transformation.

Omem chairman Trevor Manuel said Moyo’s willingness to ask tough questions would be “hugely valuable” as the business prepared to list.

Moyo said he was “looking forward to leading Omem during this exciting time”.

Old Mutual chief executive Bruce Hemphill is splitting up the group’s four core businesses, including Omem, into independent businesses.

Omem and Old Mutual Wealth, its unlisted businesses, would list after the “managed separation”, while the insurer’s interest in Nedbank, which was already listed, would be unbundled to shareholders.

Moyo worked for Old Mutual as its South African deputy managing director from 2000 to 2005.

He led Alexander Forbes from 2005 to 2008, after which he headed NMT Capital. — TMG