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(Alliance News) - Old Mutual Ltd on Tuesday said it has promoted Independent Non-Executive Director Peter de Beyer to the role of lead independent director with immediate effect.
The pan-African investment, savings, insurance and banking firm noted de Beyer's "leading role" in the listing of demerged Old Mutual Ltd on the Johannesburg Stock Exchange back in June 2018.
At present, de Beyer is also a non-executive director at Oceana Group Ltd and Real People Investment Holdings Prop Ltd. He is a former Old Mutual employee, working there from 1978 to 2008 before his retiring his then role as managing director of customer solutions for Old Mutual South Africa.
Since retiring, de Beyer has hald various independent non-executive director roles within Old Mutual's African subsidiaries, including its Emerging Markets board starting in 2012.
Old Mutual Chair Trevor Manuel said: "I could not think of a more deserving candidate to take on this crucial role. There is no doubt this appointment will further enhance the independence and balance of our board. I wish Peter well in his new role and know that he will, as always, put the best interests of Old Mutual and its stakeholders first."
On Monday, Old Mutual reported a drop in total annual profit, but profit increased after excluding the distribution of Quilter PLC and unbundling of the company's Nedbank Group Ltd stake.
Pretax profit from continuing operations in 2019 rose 63% to ZAR13.80 billion from ZAR8.45 billion in 2018. This was due to an increase in non-banking investment return to ZAR86.70 billion from ZAR20.51 billion, taking total revenue and other income up 60% to ZAR176.12 billion from ZAR109.88 billion.
However, its profit after tax, including discontinued operations, was considerably lower at ZAR9.66 billion compared to ZAR42.71 billion the year before after a 2018 managed separation. Profit after tax attributable to equity holders of the parent fell 74% to ZAR9.39 billion from ZAR36.57 billion, in line with the expected fall of between 76% and 74%.
Old Mutual's separation, which completed in October 2018, involved the unbundling of 32% of its Nedbank stake and spin-off of its wealth management business as Quilter. Old Mutual still holds a 19.9% stake in lender Nedbank, while Quilter was listed on London and Johannesburg.
By Anna Farley; annafarley@alliancenews.com
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