Old Mutual CEO Iain Williamson has opted to take early retirement, and will vacate the role he has held since 2020 at the end of August — ending a 32-year association with the group.
At 55, Williamson’s early retirement comes as a surprise. Old Mutual, the country’s second largest insurer did not reveal the reasons behind the CEO’s retirement, merely saying it hopes to name a successor soon.
“The board has accepted Mr Williamson’s request to take early retirement, after 32 years with the group, the last five as CEO, and extends its heartfelt thanks for his remarkable commitment and service to the company, its clients and the industry,” the company said in a statement.
“He will leave Old Mutual a stronger, more resilient and more innovative company that is ideally positioned to grow and thrive into the future. Iain will work with the Old Mutual board and his successor, upon their appointment, to ensure a smooth and managed handover,” it said.
“The board has initiated a process, considering internal and external candidates, to identity a new CEO to lead the company through its next phase of growth and innovation. The board intends to conclude this process expeditiously.”
Williamson’s appointment to the role of CEO in 2020 brought about leadership stability after the acrimonious exit of his predecessor Peter Moyo in the middle of 2019 after he was shown the door by the Trevor Manuel-led board over an alleged conflict of interest.
An actuary, Williamson joined Old Mutual in 1993 and after various roles across employee benefits and personal finance, he relocated to London in a corporate development role at Old Mutual Plc, before coming to SA to take over the COO role.
The imminent departure of Williamson leaves the board with a lot of work to do to fill two key roles, with the group’s CFO having reached retirement age.
The company in October said Casper Troskie had agreed to remain as CFO until April 2027. The decision was made in the interest of continuity and to assist with the execution of various key strategic projects under way, the group said at the time.
One of the projects the company is undertaking is rolling out its banking proposition, OM Bank, set for public launch later on this year. The bank marks Old Mutual’s re-entry into the banking sector after its disinvestment from Nedbank in 2018 as part of the group’s managed separation.
Clarence Nethengwe’s appointment as OM Bank CEO, was recently approved by the SA Reserve Bank’s prudential authority.
The early retirement of Williamson comes on the heels of several high-profile resignations at the financial services group, including that of Khaya Gobodo as MD of Old Mutual Investments.
Old Mutual’s share price is down 19% over the past five years, valuing the group at just under R60bn, a sharp contrast to rivals, Sanlam whose stock is up 12% in the period, valuing the company at R176bn.
Sanlam CEO Paul Hanratty has agreed to extend his term until the end of December 2027, having presided over a huge expansion of the group since taking over from Ian Kirk five years ago. Hanratty joined Sanlam’s board in 2017 and became CEO in July 2020.
Hanratty’s three-pronged strategy to grow its dominance in the home market, expand in the rest of the continent and build a scalable nonbanking financial institution in India, has seen the company active in the M&A space.
One of the biggest deals during Hanratty’s tenure was the joint venture between Sanlam and Europe’s largest insurer, Allianz.
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