Old Mutual has appointed Jurie Strydom as CEO from June 1. The appointment follows Iain Williamson’s recent announcement that he would take early retirement and step down from the role of group CEO at the age of 55 — ending a more than three-decade association with the group.
Old Mutual said on Friday the board’s corporate governance and nominations committee considered numerous excellent internal and external candidates and was supported by a leading executive search firm in its quest to fill the position.
To ensure a smooth, managed and rapid transition of executive authority and subject to regulatory approvals, Strydom will start working as CEO designate alongside Williamson until the conclusion of the AGM on May 30, and will become CEO with effect from June 1.
Williamson would continue as board director until the conclusion of the AGM and then remain available to advise and support the CEO and board until his retirement at the end of August, Old Mutual said.
A qualified actuary and graduate of the University of Cape Town, Strydom also holds an MBA from the Massachusetts Institute of Technology and qualified as a chartered financial analyst from the CFA Institute in the US.
“A highly experienced leader with decades of top management and board experience in financial services and insurance, he has served as CEO of Sanlam Life and Savings, Regent Insurance Group, Alexander Forbes Life, and was executive director at Imperial Holdings,” Old Mutual said.
He is a fintech investor and the chair of FSPHub as well as the chair of Common Good, a not-for-profit company that creates transformational opportunities for underprivileged communities in the areas of early childhood support, education and employment.
“The board was looking for an experienced financial services CEO with strategic grip, an exceptional operational track record, and who had led diverse teams, driven successful transformation and understood financial technology — and we found someone who ticked these boxes. Jurie is a proven leader with outstanding experience of building and leading diverse teams at large and complex insurance and financial services companies,¨ said Old Mutual chair Trevor Manuel.
“As a board member, Jurie has demonstrated exceptional strategic vision and has a clear focus on the critical business levers necessary to implement the company's strategic priorities, enhance our market position and achieve growing profitability. He is highly regarded in the industry as a leader who can deliver operational efficiencies, disciplined capital allocation, and continue implementing the financial technology and product innovations that serve our clients and business partners. As CEO, his well-established network of strategic relationships will continue to benefit Old Mutual,” Manuel added.
Paying tribute to Williamson, Manuel described him as a “true leader, consistently stepping up to provide calm and firm direction whenever the company faced challenges or while the country was in crisis, as happened during the Covid-19 pandemic.”
Business day reported previously that he had signed a two-year non-compete deal with the group. Most companies have restraint of trade agreements with their senior executives, but a two-year agreement is not the norm.
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