Old Mutual Emerging Markets chief executive Ralph Mupita has resigned from the firm after 16 years to pursue interests outside of the financial services industry.
Mupita, who has been in his role over the past five years, is on a three months’ notice period and will continue in his role during this time. Old Mutual says the search process for a replacement will be launched “imminently”.
The move comes as Old Mutual undergoes major business restructuring which will see a separation of its four core businesses.
The plan will see Old Mutual Asset Management, Old Mutual Wealth, Old Mutual Emerging Markets and Nedbank separated and two businesses listed on the London and Johannesburg stock exchanges.
Mupita’s departure will not affect Old Mutual separation plans, the firm says.
According to Old Mutual’s latest interim report, there has already been a 15 per cent of reduction in headcount of its head office with a total 50 per cent reduction expected by end year.
Old Mutual chief executive and chairman of OMEM Bruce Hemphil says:”On behalf of Old Mutual, I would like to thank Ralph for his dedicated leadership of the OMEM business over the last five years. He has been an excellent leader and we wish him well in his future endeavours.
“I will work very closely with OMEM’s strong and deep management team to ensure there is no disruption to the business or its customers while we seek Ralph’s successor.
“Meanwhile, the managed separation process is unchanged and we will continue to maintain our engagement with key stakeholders throughout.”
Mupita began his career at the firm as strategy director at Old Mutual South Africa. He was also managing director of retail affluent clientat the business before leading its Life and Savings unit in April 2011 and the OMEM business in February 2012.
Mupita says: “I have spent 16 great years at Old Mutual, and believe that I have made a contribution to the growth and development of the business over that time. But I feel the time is right for me to pursue other challenges outside of the industry.
“Old Mutual plays an important role in the socio-economic transformation of South Africa and the other key markets in which it operates, and it has been a privilege to have been part of such an august and iconic institution. I wish the business every success in the future”