Old Mutual announced on Thursday that Trevor Manual has been appointed as a non-executive Director and member of the Board Risk Committee of the Old Mutual Board with effect from 1 January 2016.
Of his appointment, Manuel said: “I am very much looking forward to being able to contribute to the Old Mutual Group's further development over the coming years.”
The appointment comes in anticipation of Manual taking the place of the current non-executive Chairman of Old Mutual Group Holdings Limited, Paul Hanratty, who will be leaving Old Mutual in March 2016.
Patrick O'Sullivan, chairman of Old Mutual, noted: “We are delighted to be able to appoint Mr Manuel to our Board, given his wealth of experience in advising and guiding the development of the financial services sector in emerging markets. His track record of leadership in developing sound regulation for financial services over many years will be of great benefit to the Group, in particular as we prepare for forthcoming changes in the regulatory environment in South Africa.”
In a statement released by Old Mutual, it stated: “Old Mutual Group Holdings Limited is the parent company of Old Mutual Emerging Markets and Nedbank Group Ltd, both of which have been designated by South African regulators as Domestic Systemically Important Financial Institutions. It is anticipated that the OMGH board will be mandated by Old Mutual in due course to fulfil the obligations that are expected to arise under the planned South African "Twin Peaks" supervisory regime applicable to financial conglomerates.”