Monday will be Bruce Hemphill’s last day on Nedbank's board when he will replaced by Old Mutual Ltd CEO Peter Moyo.
This comes as Old Mutual Ltd prepares to list on the JSE on June 26, as London-listed Old Mutual plc's managed separation takes effect.
Johannesburg-based Old Mutual Ltd is an Africa-focused financial services group that has absorbed the old Old Mutual Emerging Markets business.
Old Mutual plc shareholders will receive shares in Old Mutual Ltd at the listing, as well as shares in UK wealth management firm Quilter, which will list on the LSE on 25 June.
Old Mutual Ltd will unbundle the bulk of its controlling stake in Nedbank to shareholders later this year.
Hemphill has overseen Old Mutual’s "managed separation" process but will not hold executive positions in either of the two soon-to-be listed companies.
"Peter is a vastly experienced business leader, he is a former group CEO of Alexander Forbes and deputy MD of Old Mutual Life Assurance Company SA," Nedbank chairman Vassi Naidoo said in a statement.
"In terms of board roles, his resume includes, among others, being past chairman of Vodacom, Willis and CSC, and he has been a director of Transnet, Liberty and chairman of the audit committee in the Office of the Auditor-General."
The third and final step in the managed separation is the proposed unbundling of Nedbank, about six months after the implementation of the first two steps, whereby Old Mutual Ltd intends, subject to certain conditions, to distribute about 32% of the total issued share capital of Nedbank to Old Mutual Ltd shareholders, while retaining a strategic minority stake of 19.9% in Nedbank in its shareholder funds, the company said in the statement.
Correction
An earlier version of this article said Hemphill would be leaving Old Mutual's board, a wrong interpretation of Nedbank's statement: "With managed separation progressing according to plan, Bruce will be stepping down from the boards of the companies with effect from June 11."
"He remains on the board of Old Mutual plc. The 'companies' referred to in the Nedbank release are Nedbank Group and Nedbank Limited," the insurance group's head of corporate affairs Baldwin-Charles William said.
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