Peter Moyo (pictured), Vodacom chairman, has been headhunted by Old Mutual to head its emerging markets arm. Moyo will return to his former employer on 1 June as CEO of Old Mutual Emerging Markets (Omem). He will replace Ralph Mupita, who resigned in October.
According to William Baldwin-Charles, Old Mutual spokesman, the company was looking for a candidate with a deep understanding of financial services in South Africa, as well as the technical expertise and hands-on industry experience to successfully run a large, life company. The candidate also had to be an astute and seasoned business person.
Baldwin-Charles says that Moyo is all of this and more, and that he "brings a collegiate leadership style and is a highly skilled relationship-builder, which is critical for Old Mutual and its culture." He added that Moyo pays attention to detail, is not afraid to ask difficult questions and has a true commitment to transformation.
Old Mutual CEO Bruce Hemphill is splitting the group's four core businesses into independent businesses, including Omem. Omem and Old Mutual Wealth - its unlisted businesses - would list after this separation. The insurer's interest in Nedbank, which was already listed, will meanwhile be unbundled to shareholders.
