Old Mutual has appointed Prabashini Moodley as CEO of its newly configured life and savings segment with effect from August 1.
Moodley will report directly to group CEO Jurie Strydom, the financial services group said in a statement on Monday.
The group also announced the shift of executive oversight of Old Mutual Finance and Old Mutual Transaction Services to Old Mutual Bank CEO Clarence Nethengwe.
The life and savings segment will consist of four business units: Personal Finance, Old Mutual Wealth Management, Old Mutual Corporate, and the Mass and Foundation cluster, excluding banking. The MDs of these business units will report to Moodley.
Old Mutual said the formation of the Life and Savings segment would enable more effective delivery to customers and intermediaries in SA and greater leveraging of the benefits of scale efficiencies in key areas.
Moodley is currently the MD of Old Mutual Corporate. She joined the group in 2002 and qualified as an actuary shortly thereafter. She also holds a global executive MBA from IESE Business School and has served in various roles across Personal Finance, Old Mutual Investment Group, and the MFC, including four years as the MFC’s CFO.
Her international experience includes a tenure at Skandia México, where she established and led a customer segment business.
“I am confident that Prabashini will bring the clarity, energy, and accountability needed to lead her team and create value across these business units,” said Strydom said.
“In addition, the shift of Old Mutual Finance and Old Mutual Transaction Services to fall under the executive oversight of OM Bank CEO Clarence Nethengwe, marks a strategic step in aligning Old Mutual's banking operations in SA as we prepare for the launch of OM Bank.”
These changes reflect Old Mutual’s continued commitment to enhancing organisational effectiveness, driving operational efficiency, and delivering sustainable value to customers and all stakeholders, he added.
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