Twilight as Mshosho ends 29-year Old Mutual romance 

HARARE- Jonas Mshosho is stepping down from the helm of Old Mutual Zimbabwe, after an illustrous career spanning almost 3 decades.

The unassuming Mshosho was appointed as CEO of Old Mutual Zimbabwe in September 2012 succeding Luke Ngwerume who had spent a similar number of years with the financial services giant.

Mshosho, just like Ngwerume will soon go into retirement after 7 years of leading the Johannesburg linked group whose vast portfolio includes insurance, property, asset management and banking operations in Zimbabwe.

Part of Mshosho’s resume highlights that he set off his career with Old Mutual as a tax expert in 1990 having worked for the Zimbabwe Tax Department for 10 years.

During his career Mshosho successfully carried out major transformational programmes in tax planning (planning and restructuring for tax efficiency), finance (eliminating leakages strengthening the control environment and producing financial statements on time), and retail business restructuring (closing and paying out legacy products and introducing new products and system).

Between 2001 and 2003, Jonas served as general manager of the Retail Business before his appointment as Group Finance Director, a role he undertook between 2004 and 2009 deputising predecessor, Ngwerume.

From 2009 up to the time of his appointment as Group CE Zimbabwe, Mshosho served as Managing Director Old Mutual Life Assurance Zimbabwe. Life assurance business is the nucleus of most insurance focussed financial services companies and his placement at its apex was a move towards consolidation of the entire group.

Pulled premiums form the basis of investments in either properties and other related asset classes. At present Old Mutual earns just over a billion dollars in revenue from insurance operation while earned premiums in 2018 totalled $214 million positioning it as the largest insurer in Zimbabwe.

Under his stewardship Old Mutual Group’s profitability has grown from $100 million to $300 million in 7 years which is a 5 year constant average growth rate of 17%.

In February of 2017, Mshosho was appointed CEO of Old Mutual Rest of Africa, an Old Mutual classification of regional businesses outside of South Africa, where he was responsible for strategy implementation, stakeholder management, investment performance management, governance and compliance and functional effectiveness of the Old Mutual Southern and Eastern Africa Business.

Broadly his extensive experience spanned long term insurance, general insurance, investment, property development and management, banking, stock broking and custodial services.

In a published job advert soliciting for a suitable CE candidate published a fortnight ago, Old Mutual said the job requires an exceptional leader, with a strong track record of managing winning teams at both strategic and execution level.

 – EQUITY AXIS NEWS

Respect Gwenzi

Respect is the Lead Analyst and Managing Director at Equity Axis. He has 8 years experience in respective fields of finance and media. Particular areas of expertise include Asset Management, Stockbroking and Financial Media. Respect is on a mission to change the course of Financial Media in Africa through digitalization

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