Old Mutual chief to step down

Old Mutual group chief executive Julian Roberts is to step down in the fourth quarter of 2015, to be replaced by Standard Bank executive Bruce Hemphill.

Roberts has been at Old Mutual since 2000, later taking over as chief executive of Skandia following its acquisition by the firm in 2006. He became group CEO in September 2008 at the height of the financial crisis. Hemphill, meanwhile, is currently head of wealth, insurance and non-bank financial services at South Africa’s largest bank, Standard Bank. He previously oversaw an “extensive transformation" of African financial services firm Liberty Group while chief executive from 2006 to 2014, Old Mutual said. Group chairman Patrick O’Sullivan said: “Bruce will bring experience as a c...