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Old Mutual Emerging Markets CEO quits, joins MTN

PUBLISHED: Mon, 31 Oct 2016 11:01:21 GMT

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Ralph Mupita, CEO of Old Mutual Emerging Markets (OMEM) has tendered his resignation, in order to pursue interests outside of the financial service industry. The search process for his successor will be launched immediately. Mupita will join MTN as its Group Chief Financial Officer and Executive Director from 3 April 2017.

Mupita will see out his three months’ notice period. OMEM like the rest of the Old Mutual business is currently going through a business readiness programme as par of Old Mutual’s managed separation process. This is not affected by today’s announcement and will continue as planned.

Bruce Hemphil, Old Mutual plc CEO and Chairman of OMEM, said:

“On behalf of Old Mutual, I would like to thank Ralph for his dedicated leadership of the OMEM business over the last five years. He has been an excellent leader and we wish him well in his future endeavours. “I will work very closely with OMEM’s strong and deep management team to ensure there is no disruption to the business or its customers while we seek Ralph’s successor. Meanwhile, the managed separation process is unchanged and we will continue to maintain our engagement with key stakeholders throughout.” Ralph Mupita said:

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“I have spent 16 great years at Old Mutual, and believe that I have made a contribution to the growth and development of the business over that time. But I feel the time is right for me to pursue other challenges outside of the industry.

“Old Mutual plays an important role in the socio-economic transformation of South Africa and the other key markets in which it operates, and it has been a privilege to have been part of such an august and iconic institution. I wish the business every success in the future’

On joining MTN, Mupita said:

“I am pleased to be joining a Pan African, pioneering and iconic company such as MTN. MTN has a great brand and excellent market positions that give it an attractive and unique platform for growth. I look forward to my new role in assisting MTN achieve its vision and objectives”.