Old Mutual chair to take up new position in UK

Johannesburg - Old Mutual Plc chairperson Patrick O'Sullivan will take up a new position at British insurance company Saga, as Old Mutual plans to wrap up its managed separation process. Saga is an insurance company focused on serving the needs of those aged 50 and over, with 2.7 million customers.

O'Sullivan will step down from Old Mutual after the completion of its managed separation process.

Newly incorporated Old Mutual Ltd will acquire currently London-based Old Mutual Plc.

The new vehicle was established to facilitate the internal reorganisation and managed separation of the Old Mutual Group, which will see the group’s emerging market activities residing in South Africa. The company will also reduce its shares in Nedbank. 

Old Mutual Emerging Markets will be headquartered in South Africa.

O’Sullivan is set to take up the role at Saga on May 1 2018. He has chaired Old Mutual since 2010, and joined the firm after 12 years at Zurich Insurance.

O'Sullivan confirmed he will remain at Old Mutual until the group's managed separation process, which was announced in March 2016, has been completed.

Orna NiChionna, senior independent director at Saga, said O’Sullivan brings to the company many years of highly relevant commercial and board experience in the financial services and insurance sectors.

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