JSE-listed financial services company Old Mutual has announced that its chief executive, Iain Williamson (pictured), will take early retirement effective 31 August.
The country’s second largest insurer did not disclose the reason for Williamson’s decision.
The decision comes after Williamson’s 32-year tenure with the group – spanning roles from employee benefits and personal finance to a corporate development stint in London and later as chief operating officer in South Africa.
Appointed as permanent CEO in July 2020 following an interim period starting in May 2019, the 55-year-old Williamson provided leadership stability after his predecessor, Peter Moyo, departed amid controversy in mid-2019.
Earlier this year, Williamson represented South Africa as part of a government-backed business delegation at the World Economic Forum in Davos, Switzerland, to promote the country as an investment destination.
In a SENS announcement on Monday, Old Mutual’s board expressed its heartfelt gratitude for Williamson’s remarkable commitment and service to the company, its clients, and the broader industry. It stated that he leaves behind a stronger, more resilient, and more innovative organisation, well positioned for future growth.
Williamson will work with the board and his successor to ensure a smooth, managed handover. In parallel, the board has initiated an expedited search process – considering both internal and external candidates – to appoint a new chief executive, the company said.
The announcement of Williamson’s departure coincides with other significant changes at Old Mutual.
Chief financial officer Casper Troskie, who has reached retirement age, has been confirmed to remain in his role until April 2027 to maintain continuity and drive key strategic projects. One such initiative is the roll-out of OM Bank, Old Mutual’s new banking proposition set for public launch later this year.
The project marks the company’s re-entry into the banking sector following its 2018 disinvestment from Nedbank. The Prudential Authority recently approved the appointment of Clarence Nethengwe as OM Bank’s chief executive.
Read: Nethengwe to lead OM Bank as launch draws near
Additionally, Williamson’s early retirement follows a series of high-profile departures at Old Mutual, including that of Khaya Gobodo as managing director of Old Mutual Investments.
