Old Mutual picks Standard Bank exec as new CEO - CNBC Africa

Old Mutual picks Standard Bank exec as new CEO

Southern Africa

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Old Mutual has appointed Bruce Hemphill to lead the company. PHOTO: africagreenmedia.co.za

Africa-focused insurance company Old Mutual said on Wednesday that it had appointed Standard Bank executive Bruce Hemphill to lead the company, replacing Julian Roberts.

Hemphill, currently chief executive of Wealth, Insurance and Non-Bank Financial Services at Standard Bank, the largest African banking group by assets and earnings, was previously chief executive of Liberty Group.

Roberts would remain as chief executive until Hemphill's start date, which is anticipated to be during the fourth quarter, [DATA OML:Old Mutual] said in a statement.

Hemphill will be an executive Director and based in London.

"Bruce will bring experience as a chief executive of a public company combined with an in-depth knowledge of investments, savings, insurance and banking," Patrick O'Sullivan, Group Chairman.

(READ MORE: Old Mutual 2014 operating profit rises 16%)

"He also has a deep understanding of the South African and wider African financial services environment."

Shares in both Standard Bank and Old Mutual were flat just after their respective markets opened, in line with broader FTSE 100.