Former Sanlam CEO to replace Iain Williamson as Old Mutual CEO after 32 years
Iain Williamson joined Old Mutual in 1993, and was appointed CEO in 2020.
Former Sanlam CEO, Jurie Strydom (left) appointed as Old Mutual CEO following Iain Williamson (right) decision to take early retirement after being at the company for 32 years. Pictures: Old Mutual website
Old Mutual's board of directors have selected former CEO of Sanlam Life and Savings, Jurie Strydom, as its next CEO.
His appointment comes after Iain Williamson's decision to leave his seat as CEO after more than three decades at Old Mutual. He has been CEO for the past five years.
Old Mutual announced that Strydom will serve as a CEO designate, alongside Williamson, until May 30, 2025. He will commence his duties as CEO, effective June 1, 2025, following the Annual General Meeting (AGM).
Jurie Strydom for CEO
Old Mutual said that Strydom will serve as a CEO designate to ensure a smooth, managed, and rapid transition of executive authority.
He holds an MBA from the Massachusetts Institute of Technology and is a qualified Chartered Financial Analyst (CFA) as certified by the CFA Institute in the United States.
Strydom has previously held roles, including CEO of Sanlam Life and Savings, Regent Insurance Group, and Alexander Forbes Life, and was executive director at Imperial Holdings.
'He is a fintech investor and the Chairman of FSPHub as well as the Chairman of Common Good, a not-for-profit company that creates transformational opportunities for underprivileged communities in the areas of early childhood support, education and employment.'
ALSO READ: 'We don't want a statement, we want you to pay': Old Mutual still under fire from customers
Why Strydom as CEO
Old Mutual said FSPHub currently does not conduct business with the group, and Strydom intends to step down from the FSPHub board to focus on his new role as CEO.
'The board was looking for an experienced financial services CEO with strategic grip, an exceptional operational track record, and who had led diverse teams, driven successful transformation, and understood financial technology – and we found someone who ticked these boxes.
'He is highly regarded in the industry as a leader who can deliver operational efficiencies, disciplined capital allocation, and continue implementing the financial technology and product innovations that serve our clients and business partners. As CEO, his well-established network of strategic relationships will continue to benefit Old Mutual,' said Chairman of the Old Mutual Board Trevor.
Iain Williamson leaves the CEO seat
55-year-old Williamson will continue as a board director until the conclusion of the AGM and then remain available to advise and support the CEO and the board until his retirement on 31 August 2025.
He announced he would be taking early retirement earlier this year after joining the financial services giant in 1993.
'Williamson has been a true leader, consistently stepping up to provide calm and firm direction whenever the Company faced challenges or while the country was in crisis, as happened during the Covid-19 pandemic.
'Under his leadership, Old Mutual has become a strong, resilient, and innovative company that embraces new technology and is expanding into new areas of financial services and banking. We thank and recognise Iain for his leadership over many years, and for his continued support for Old Mutual,' said Manuel.
NOW READ: Leadership instability continues at Absa and Exxaro: What is wrong?
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Herald
4 days ago
- The Herald
Innovate Africa: Inside the future – a conversation with Vuyo Mpako from NEXT176
NEXT176 is Old Mutual Group's new growth and innovation arm. While the parent company has been around for 180 years, NEXT176 is focused on what's next, backing bold ideas that can improve people's lives across Africa. Led by MD Vuyo Mpako, the team is working to make a difference in health, education, jobs, financial wellbeing, sustainability and debt management. Their goal is to have an impact on 1-billion lives on the African continent. In our interview, Mpako shares the hard lessons of corporate venturing, how NEXT176 bridges the gap between start-up speed and corporate structure, and why partnering with the likes of SC Ventures makes sense when trying to build financial tools that work for everyone. This is a conversation about real-world innovation, what it takes, what's working and where it's going. TimesLIVE
The Citizen
02-06-2025
- The Citizen
The hidden costs of gambling
South Africans place over R1 trillion in bets annually, with R700 billion spent on sports betting alone. For many, particularly those with limited financial resources, the appeal of a big win can be incredibly tempting. However, the reality is often more complex. Instead of earning easy money, those who indulge in excessive gambling frequently face financial strain, says John Manyike, Head of Financial Education at Old Mutual. In March, an online betting platform shared a story of someone turning a R4 wager into an astounding R83,701.54. While stories like this grab attention, the rise in online sports betting also brings important considerations. According to the National Gambling Board's 2022/23 gambling statistics, sports betting in South Africa has expanded significantly over the past decade, growing from under 10% of the gambling sector in 2009/10 to over half in 2022/23. 'What stands out is that 36% of those who gamble do so to pay off debts or cover expenses,' explains Manyike, referring to the 2024 Old Mutual Savings and Investment Monitor. Among low-income earners (those earning between R8,000 and R15,000 per month), this figure rises to 41%, highlighting a concerning trend. Understanding the risks Despite rising costs of living and economic pressures, gambling has gained popularity, particularly due to the widespread use of mobile phones and internet access. This is especially evident among young African men. Advertising from betting companies further fuels this trend, increasing participation within this demographic. 'This can be risky, particularly for young people and low-income earners, who may see gambling as a way to improve their financial situation,' says Manyike. However, he notes that losses can add up quickly, sometimes leading to financial stress. 'In a country already facing high unemployment and economic challenges, it's important to be aware of the potential financial pitfalls of gambling.' A game of chance, not strategy Unlike investing, gambling is based purely on luck, yet many believe they can develop a winning approach. The truth is that the house edge ensures that bookmakers maintain a profit over time. For instance, when odds are at -110 on both sides of a bet, a bettor must risk R110 to win R100, meaning even skilled bettors face a statistical disadvantage in the long run. The belief that that the system can be beaten can lead to risky financial decisions. 'Beyond financial losses, gambling can also take a psychological toll,' says Manyike. 'It can lead to stress, anxiety, and even a cycle of chasing previous bets in the hope of recovering losses.' A 2016 study by the University of Cape Town's Department of Psychiatry and Mental Health noted a significant association between suicidality and pathological gambling. It found that pathological gamblers were five to ten times more likely to have a history of suicide attempts than non-gamblers. Furthermore, gambling doesn't just affect individuals—it can have ripple effects on families, sometimes resulting in financial strain for loved ones. 'While gambling is legal,' Manyike points out, 'many people don't fully understand the long-term risks involved due to a lack of financial education.' For those who feel their gambling habits might be affecting their financial well-being, Manyike advises seeking support. 'The South African Responsible Gambling Foundation offers free and confidential counselling services,' he says. Additionally, professional counsellors who specialise in gambling addiction can provide guidance. 'Gambling is not a reliable source of income, and without careful management, it can lead to serious financial setbacks,' concludes Manyike. 'By increasing financial awareness and promoting responsible gambling, we can help people make informed decisions and avoid unnecessary financial risks.' At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
IOL News
02-06-2025
- IOL News
The hidden costs of SA's gambling crisis
In March, an online betting platform shared a story of someone turning a R4 wager into an astounding R83,701.54. While stories like this grab attention, the rise in online sports betting also brings important considerations. South Africans place more than R1 trillion in bets annually, with R700 billion spent on sports betting alone. For many, particularly those with limited financial resources, the appeal of a big win can be incredibly tempting. However, the reality is often more complex. Instead of earning easy money, those who indulge in excessive gambling frequently face financial strain, said John Manyike, Head of Financial Education at Old Mutual. According to the National Gambling Board's 2022/23 gambling statistics, sports betting in South Africa has expanded significantly over the past decade, growing from under 10% of the gambling sector in 2009/10 to over half in 2022/23. 'What stands out is that 36% of those who gamble do so to pay off debts or cover expenses,' explained Manyike, referring to the 2024 Old Mutual Savings and Investment Monitor. Among low-income earners (those earning between R8,000 and R15,000 per month), this figure rises to 41%, highlighting a concerning trend. Despite rising costs of living and economic pressures, gambling has gained popularity, particularly due to the widespread use of mobile phones and internet access. This is especially evident among young African men. Advertising from betting companies further fuels this trend, increasing participation within this demographic. 'This can be risky, particularly for young people and low-income earners, who may see gambling as a way to improve their financial situation,' says Manyike. However, he notes that losses can add up quickly, sometimes leading to financial stress. 'In a country already facing high unemployment and economic challenges, it's important to be aware of the potential financial pitfalls of gambling.' Unlike investing, gambling is based purely on luck, yet many believe they can develop a winning approach. The truth is that the house edge ensures that bookmakers maintain a profit over time. For instance, when odds are at -110 on both sides of a bet, a bettor must risk R110 to win R100, meaning even skilled bettors face a statistical disadvantage in the long run. The belief that that the system can be beaten can lead to risky financial decisions. 'Beyond financial losses, gambling can also take a psychological toll,' said Manyike. 'It can lead to stress, anxiety, and even a cycle of chasing previous bets in the hope of recovering losses.' A 2016 study by the University of Cape Town's Department of Psychiatry and Mental Health noted a significant association between suicidality and pathological gambling. It found that pathological gamblers were five to ten times more likely to have a history of suicide attempts than non-gamblers. Furthermore, gambling doesn't just affect individuals—it can have ripple effects on families, sometimes resulting in financial strain for loved ones. 'While gambling is legal many people don't fully understand the long-term risks involved due to a lack of financial education.' For those who feel their gambling habits might be affecting their financial well-being, Manyike advises seeking support. 'The South African Responsible Gambling Foundation offers free and confidential counselling services,' he added. Additionally, professional counsellors who specialise in gambling addiction can provide guidance. 'Gambling is not a reliable source of income, and without careful management, it can lead to serious financial setbacks. By increasing financial awareness and promoting responsible gambling, we can help people make informed decisions and avoid unnecessary financial risks,' Manyike concluded.
