Old Mutual Limited elevates Peter de Beyer to be Lead Independent Director

  • Assumes office on 17 March 2020
  • Peter de Beyer served as Non-Executive Director since 2018

Harare – Old Mutual Limited has appointed Peter de Beyer who has served as Non-Executive Independent Director since 2018 as Lead Independent Director effective 17 March 2020.

Peter de Beyer played a leading role in facilitating the successful listing of the Company on the main board of the Johannesburg Stock Exchange (JSE) in June 2018.

He worked for the Old Mutual Group from 1978 to 2008, beginning in actuarial and technical roles, and progressing through executive roles in a variety of business units.

After demutualisation and the listing of Old Mutual plc in 1999, Peter was appointed deputy Managing Director of Old Mutual South Africa responsible for the retail businesses, and at his retirement in 2008, was managing director of customer solutions for Old Mutual South Africa.

He has subsequently served as an independent non-executive director of a number of Old Mutual subsidiaries in Africa, including the Emerging Markets board from 2012, and has served as independent chairman of Old Mutual Life Assurance Company (South Africa) Limited (OMLACSA).

Beyer presently serves as an independent non-executive director of Oceana Group Limited and of Real People Investment Holdings Proprietary Limited.

He holds a Bachelor of Business Science (Hons) from the University of Cape Town, and is a fellow of the Actuarial Society of South Africa.

He has served as Member of the Audit Committee, Member of the Nominating Committee, and Member of the Governance Committee of the Company since March 5, 2018.

Commenting on the appointment, Old Mutual Chairman, Trevor Manuel said, “I could not think of a more deserving candidate to take on this crucial role. There is no doubt this appointment will further enhance the independence and balance of our Board. I wish Peter well in his new role and know that he will, as always, put the best interests of Old Mutual and its stakeholders first.”

For the full year ended 31 December 2019, Old Mutual Limited registered a -78% profit which stood at R9.6 million owing to South Africa’s dire economy and unbundling of Nedbank.

Yesterday, Old Mutual shares dipped 19.91% yesterday on the Zimbabwe Stock Exchange (ZSE) following government’s decision to suspend the share’s fungibility status for the next 12 months.

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