Latest news with #IainWilliamson
Zawya
13-05-2025
- Business
- Zawya
South Africa: Old Mutual appoints CEO designate
Old Mutual has appointed Old Mutual Board independent non-executive director and industry specialist, Jurie Strydom, as chief executive officer of Old Mutual, subject to the requisite regulatory approvals. Old Mutual has appointed industry leader Jurie Strydom as CEO designate He succeeds current chief executive officer Iain Williamson, who announced his retirement in February to take effect 31 August 2025. The appointment follows a rigorous and expedited process by the Old Mutual Board. Benefit to Old Mutual '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,' says Old Mutual Board of Directors chairperson, Trevor Manuel. 'Jurie is a proven leader with outstanding experience of building and leading diverse teams at large and complex insurance and financial services companies. "As a board member, Jurie has demonstrated exceptional strategic vision and has a clear focus on the critical business levers necessary to implement the company's strategic priorities, enhance our market position, and achieve growing profitability. "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.' 'It gives me great pleasure to make this announcement in the milestone month that we celebrate Old Mutual's 180th birthday. This great organisation has been led by many exceptional individuals over the decades, now we pass that baton from one of those leaders to the next.' Top management and board experience A qualified actuary and graduate of the University of Cape Town, Strydom also holds an MBA from the Massachusetts Institute of Technology and is qualified as a Chartered Financial Analyst (CFA) from the CFA Institute in the US. A highly experienced leader with decades of top management and board experience in financial services and insurance, he has served as CEO of Sanlam Life and Savings, Regent Insurance Group, Alexander Forbes Life, and was Executive Director at Imperial Holdings. 'It is a great privilege to be appointed as the CEO of Old Mutual at an exciting time in the company's history. "The company has a strong foundation, exceptional and diverse talent, a proud history, and a promising future as a provider of innovative insurance, banking, and financial services products that create value for our customers and contribute to our country's shared prosperity. I look forward to working with my colleagues and engaging with the diverse range of partners and stakeholders who work with us to drive strategic implementation, innovation, operational resilience, and financial performance,' says Strydom. A smooth transition To ensure a smooth transition, he will begin working closely with Williamson until Old Mutual's Annual General Meeting (AGM) concludes on 30 May 2025, and he will officially assume the CEO role on 1 June 2025. Williamson will continue as board director until the conclusion of the AGM, and then remain available to advise and support the CEO and Board until his retirement. Manuel thanked Williamson for his outstanding leadership, dedication and resilience. Williamson has spent 32 years with the Old Mutual Group, the last five as CEO. 'Iain 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'. 'Jurie has shared his deep commitment to building on this strong foundation, driving operational excellence and ensuring that Old Mutual remains at the forefront of financial services innovation. As he steps into his new role, I have no doubt that he will inspire confidence and lead our organisation to greater heights,' says Manuel.
News24
09-05-2025
- Business
- News24
Old Mutual appoints fintech entrepreneur as CEO
Fintech investor and former Sanlam executive Jurie Strydom has been appointed to succeed Iain Williamson as Old Mutual CEO. Strydom (49) is currently an independent director at Old Mutual and a majority shareholder in an intermediary platform. Williamson is taking early retirement after more than 30 years with Old Mutual. For more financial news, go to the News24 Business front page. Old Mutual has named fintech investor and actuary Jurie Strydom as its CEO designate. The group announced in February that current CEO Iain Williamson (55) would be taking early retirement in August. Strydom (49) is a qualified actuary who graduated from the University of Cape Town and also holds the Chartered Financial Analyst designation and an an MBA from the prestigious Massachusetts Institute of Technology (MIT). Strydom is an independent non-executive director of Old Mutual and previously served as CEO of Sanlam Life and Savings, Regent Insurance Group and Alexander Forbes Life. He was also an executive director at Imperial Holdings. Strydom bought a majority stake in FSPHub, a client management platform for insurance intermediaries, in 2022. Old Mutual said FSPHub does not currently conduct business with Old Mutual and that Strydom intends to step down from its board to focus on his new role. '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,' Old Mutual chair Trevor Manuel said. 'We found someone who ticked these boxes. As a board member, Jurie has demonstrated exceptional strategic vision and has a clear focus on the critical business levers necessary to implement the company's strategic priorities, enhance our market position, and achieve growing profitability.' While Strydom's appointment remains subject to regulatory approval, he will immediately start working as CEO designate alongside Williamson. He will then take over as CEO from 1 June with Williamson remaining available in an advisory capacity until he retires on 31 August. Strydom described his appointment as Old Mutual CEO as a privilege and said the group had a promising future. 'I look forward to working with my colleagues and engaging with the diverse range of partners and stakeholders who work with us to drive strategic implementation, innovation, operational resilience, and financial performance,' said Strydom. Williamson told News24 in March that he had been associated with Old Mutual since it awarded him a bursary at age 18 and that it now felt like a good time to 'take stock.' 'Iain 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,' said Manuel. '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.' A main challenge for Strydom will be overseeing the public launch of OM Bank, which cost more than R3 billion to set up. Williamson told News24 in March that he planned to take a bike trip in Namibia and climb Mount Kilimanjaro after he retires at end-August. He also said he planned to start a director's course at INSEAD, France's renowned business school, in November.
The Citizen
09-05-2025
- Business
- The Citizen
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?
Zawya
06-03-2025
- Business
- Zawya
OM Bank: Old Mutual gears up to revolutionise digital banking in South Africa
OM Bank, a new digital banking venture by Old Mutual, is poised to enter South Africa's competitive banking sector. After receiving final approval from the South African Reserve Bank's Prudential Authority in 2024, the bank is on track for a soft launch to a small group of clients in the second quarter (Q2) of 2025, with a broader public rollout anticipated in the third quarter (Q3). 'Through this transformative, digital-first banking experience, we want to empower ordinary South Africans with transparent, accessible, and fairly priced solutions contributing to their financial wellbeing," said Old Mutual Group chief executive Iain Williamson. Positioned to enter the competitive retail mass market, OM Bank aims to challenge current market leader, Capitec, which has demonstrated significant growth, boasting a market capitalisation of approximately R360.74bn as of February 2025. Targeting South Africans earning between R1,000 and R30,000 per month, OM Bank aims to provide accessible digital banking services. Leveraging Old Mutual's extensive customer base, the bank plans to cross-sell its products, offering transactional accounts, savings, and credit solutions. This is according to Clarence Nethengwe, OM Bank's chief executive officer and Nomkhita Nqweni who was appointed OM Bank's chair last week. Strong earnings growth In line with this strategic growth, Old Mutual's investment in its new bank, OM Bank, has impacted its results for 2024, but the group still expects a massive jump in headline earnings. In a trading statement for FY2024, Old Mutual announced that its headline earnings are projected to rise 10% to 30%, reaching between R8.1bn and R9.5bn for the 2024 financial year. Additionally, Old Mutual reported a 38% rise in half-year profit for the period ending 30 June 30, 2024, with headline earnings per share increasing to 133.6 cents from 96.8 cents in the previous year. Adjusted headline earnings per share also saw a 7% increase. The group attributed the increase in headline and basic earnings per share to its share repurchase programme. Strong performances from Old Mutual Insure, Wealth Management, and Old Mutual Investments also contributed to the solid results. However, lower profits in Personal Finance and the group's investment in OM Bank partially offset this. Banking on the competition Old Mutual applied for a banking license in 2022. On 19 April 2021 it was announced that, after a thorough regulatory review under Section 16 of the Banks Act, the Prudential Authority had approved the bank's establishment, subject to certain licensing conditions. By September 2023, OM Bank had successfully completed industry testing and integrated into the National Payments System. As a result, it will compete against the big five lenders, including Absa Bank, FirstRand, First National Bank and Standard Bank. It will also compete with digital banks such as Discovery Bank, which was launched in 2021. "We acknowledge the existence of the we believe that we are well set up to both compete and to thrive," Williamson said. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
