The board of Old Mutual has agreed to split the roles of chairman and chief executive officer.
As part of the new arrangement, Michael Levett will continue as chairman of Old Mutual and as director and chairman of the boards of the subsidiaries on which he presently sits, but will step down as chief executive with effect from November 1, 2001.
Levett will be replaced by James Sutcliffe who takes up the role of chief executive of Old Mutual from November 1, 2001. He was previously chief executive, life.
Commenting on the split, Levett said: It is a tribute to the strength of management within the Old Mutual Group that we have been able to make this appointment from within our existing team.
“This will clearly facilitate the continuation of our growth strategy and further the development of our group. I look forward to working with Jim in the vigorous pursuit of our goals in South and southern Africa and internationally.
By Janet Du Chenne
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