Former FirstRand chair Roger Jardine has joined the board of Old Mutual as an independent nonexecutive director in a move that signals his exit from politics, at least for now.
Jardine launched a presidential campaign in last year’s watershed election that produced a government of national unity (GNU).
Old Mutual, chaired by Trevor Manuel, on Wednesday said Jardine and financial services veteran Jan-Hendrik Erasmus would join their board on receipt of regulatory approval.
“We are delighted to welcome Mr Jardine and Mr Erasmus to the board. Both bring exceptional leadership and governance experience that will further strengthen and support the company’s strategic ambitions,” Manuel said.
“Together, they offer deep insight into the financial services, information technology and investment sectors, and provide us with further significant audit, actuarial, risk and operational expertise,” he said.
“Their appointments reflect our commitment to a planned and orderly process of board renewal, ensuring Old Mutual remains well positioned to deliver sustainable value to all stakeholders.”
Jardine’s previous high-profile private sector role was that of chair of FirstRand, a position he held until he resigned at the end of 2023 in a surprise move to launch a political party to contest elections: Change Starts Now.
Jardine advocated for small government and getting the private sector to drive economic growth. In his last note to shareholders as FirstRand’s chair, he expressed frustration at the slow pace in implementing reforms.
“It has been a consistent refrain in my chairman’s reports that the private sector has both the financial resources and the skills to partner with the state,” he wrote in the company’s annual report earlier in 2023.
However, Change Starts Now did not make it to the ballot after the Constitutional Court dismissed an application by the Independent Candidates Association, which wanted the number of National Assembly seats independent candidates could contest in the general elections increased from 200 to 350.
Old Mutual said Jardine brought a wealth of experience to his role.
“Jardine is a highly respected SA business leader with extensive board and executive experience across SA and the broader Southern African region.... He brings deep expertise in financial services, leadership and governance, commercial operations, stakeholder engagement, policy and regulatory environments,” the company said.
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