Old Mutual Names Bruce Hemphill CEO to Replace Julian Roberts in Fourth Quarter

By Ian Walker

LONDON--South African financial firm Old Mutual PLC (OML.LN) said Wednesday it has appointed Bruce Hemphill as group chief executive, replacing Julian Roberts.

The 165-year old firm said Mr. Hemphill is expected to start his new role in the fourth quarter of this year. His appointment is part of an orderly succession plan and Mr. Roberts will stay chief executive until Mr. Hemphill starts.

Mr. Hemphill, aged 51, is now chief executive of wealth, insurance and non-bank financial services at Standard Bank Group Ltd. (SBK.JO), the largest African banking group by assets and earnings. From June 2006 to February 2014, he was chief executive of Liberty Group Inc (LBH.JO), an African financial services group listed on the JSE.

"With this appointment, Old Mutual is well placed to continue its growth and further develop its strategy," Chairman, Patrick O'Sullivan said.

Mr. Hemphill will get an annual base salary of 900,000 pounds ($1.34 million). As well as other benefits, he will be entitled to join the company's discretionary annual incentive plan with a maximum bonus opportunity of 150% of base salary and the company's long-term incentive plan with a maximum award value of 250% of base salary.

Write to Ian Walker at [e-mail]; @IanWalk40289749

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