Financial services group Old Mutual has appointed Vuyo Mpako MD of its newly formed New Growth and Innovation (NGI) office.

The NGI office has been designed to deliver long-term shareholder value by sustainably growing earnings through existing and new markets.

It will be responsible for delivering transformative initiatives that are aligned to Old Mutual’s strategic goals to successfully drive business growth, while simultaneously maintaining a lean and cost-efficient organisational structure that can be scaled quickly and efficiently.

The office will comprise three core functions that will support the realisation of Old Mutual Group’s strategy to create short-term value through new business ventures, deliver disruptive innovation and realise Old Mutual’s long-term growth ambitions through creating and leveraging adjacent revenue streams.

“This will consolidate and build upon Old Mutual’s competitive advantage by leveraging strategic partnerships, new ventures and disruptive innovation to future-proof the business,” the company said in an August 20 statement.

Mpako currently serves as Old Mutual chief digital and data officer and joined the company in 2017.

“He has demonstrated an incredible ability to operate in a highly entrepreneurial and strategic manner; influence the long-term direction of the business; build, launch and scale new innovative ventures across the African continent and embrace and drive new ways of working across the group,” Old Mutual said.

Mpako has more than 23 years of experience in banking and telecommunications, having held senior executive roles at financial services firm Standard Bank and telecommunications network operator Vodacom. He holds an MSc in Electronic Engineering, which he received cum laude, and an MBA, as well executive certificates in disruption, strategy and innovation from Harvard Business School and MIT Sloan. He is a registered professional engineer.

“This senior appointment is in line with the group’s ongoing commitment to transformation as well as developing and growing an internal and diverse line of succession of senior leaders. I have every confidence that this appointment will add significant value to our resolve in becoming more customer-centric and ensuring that we are set up for business growth,” said Old Mutual CEO Iain Williamson.