Old Mutual Ltd. has announced its search for a new chief executive officer following Iain Williamson’s decision to step down at the end of August, marking the end of his five-year tenure. Williamson, 54, who has been with Africa’s largest insurer by assets since 1993, will take early retirement, according to an emailed statement from the company.
The insurer stated that Williamson would leave the company in a stronger, more resilient, and innovative position, well-prepared for future growth. It also mentioned that he would collaborate with both the board and his successor to ensure a smooth leadership transition.
The leadership change coincides with Old Mutual’s plans to launch South Africa’s newest bank before the end of the current quarter. Named Old Mutual Bank, the new venture aims to serve upper mass market and lower affluent customers, positioning it in direct competition with some of the continent’s largest lenders.
The bank’s entry is expected to intensify competition within South Africa’s banking sector, where nearly 85% of the population already holds a bank account, according to data from the World Bank.
As Old Mutual navigates this leadership transition and ambitious expansion into banking, all eyes will be on how the company sustains its momentum and achieves its growth targets under new leadership.
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