Trevor Manuel
Photo by: Duane Daws
Financial services provider Old Mutual has appointed former Finance Minister Trevor Manuel as Old Mutual Emerging Markets (OMEM) chairperson, as Old Mutual group CEO Bruce Hemphill will step down from the position, but remain on the OMEM board.
Manuel will oversee the establishment of the appropriate board and governance structures for an independently-listed OMEM in line with the King IV Report on Corporate Governance which will come into effect on April 1.
Manuel has been a nonexecutive director of Old Mutual since January 2016.
He was Finance Minister from 1996 to 2009, and Minister in the Presidency in charge of the National Planning Commission from 2009 to 2014.
Manuel’s appointment is an important step in the business readiness process for OMEM under Old Mutual’s managed separation strategy, the company said.
"Trevor’s credentials reflect his extensive experience and leadership across business and the public sector. In particular, he embodies the values of Old Mutual and King IV in aligning good corporate governance with good corporate citizenship,” said Hemphill.