Old Mutual settles on new permanent CEO
The decision to appoint Iain Williamson comes after a lengthy decision-making process
The major South Africa-based insurance group suspended and eventually sacked its former CEO Peter Moyo in June last year, as a result of a dispute over an alleged conflict of interest, and the position has been vacant ever since. Following a ‘comprehensive global search’, Old Mutual settled on acting CEO Iain Williamson, a nearly 30-year veteran of the company. As well as serving as acting CEO, Iain has also held the positions of Managing Director of its retail-affluent division, Finance Director of its emerging markets business and Chief Operating Officer.
“His steady hand, strategic mind and authentic leadership style have been both refreshing and truly welcomed,” said Old Mutual’s Chairman Trevor Manuel.
It is hoped that Iain will provide a level of ‘stability and continuity of knowledge’ that will help the company to navigate the aftermath of two crises – the controversy over its former CEO, and the ongoing Covid-19 crisis. Investors welcomed the ‘much needed certainty’ provided by his appointment.
“Over the last year, Iain has worked to steer Old Mutual through some significant leadership and operational challenges, demonstrating resilience and an acute sense of business acumen aligned to our values, purpose, and strategy,” Manuel went on to say. “On behalf of the Board, we wish to thank him for his contribution during this time. We are confident that he will continue to galvanise the organisation around the delivery of its strategy and purpose and we look forward to working with him in this regard.”
Twice over the past year Peter Moyo has attempted legal action to get his position back, and twice he has been defeated, which is part of the reason that finding a replacement has been such a drawn-out and complex process. And there are whispers that the fight may not be over, as further legal action from Moyo may be in the offing.