Old Mutual appoints new Finance Director, Chief Operating Officer

Old Mutual PLC Wednesday said it has chosen two new executive directors, promoting a new finance boss and chief operating officer from within its ranks.

In a statement, Old Mutual which is engaged in investments, savings, insurance and banking, said Ingrid Johnson, the current managing executive of retail and business banking for majority-owned subsidiary Nedbank Group Ltd, will succeed outgoing Finance Director Philip Broadley.

Old Mutual also said it has appointed Paul Hanratty as its new chief operating officer. Hanratty is Old Mutual's current group operating officer.

Old Mutual is currently trying to expand in Africa, while building its retail investment business in the UK. It is planning on a minority initial public offering in the US of its US asset management business in 2014, subject to market conditions.

Both appointments will take up their new roles from July 1.

"Ingrid will bring an in-depth knowledge of banking and the wider South African financial services environment, while Paul has a wealth of experience in the group's insurance and investment businesses and an exceptional understanding of the markets in which we operate," Julian Roberts, chief executive, said in a statement.

Old Mutual said Johnson's annual base pay in her new role will be GBP600,000. Her short-term incentive opportunity is set at up to 150% of that amount and subject to group and personal performance targets. Half of any short-term incentive will be awarded in cash, with the remainder in shares deferred for three years. Johnson will also be granted an award equal to 250% of her base pay under Old Mutual's long-term incentive plan. Half of that will vest after three years, with the remainder after four years. It will replace a long-term incentive award granted by Nedbank earlier this year, which Johnson has agreed to waive.

Hanratty's base pay will be GBP630,000, with his short-term incentive opportunity set at up to 150% of that amount and subject to group and personal performance targets. Under the long-term incentive plan, Hanratty will be granted an award equal to 35% of his base pay in addition to a 200% long-term incentive award granted to him in April 2014.

Old Mutual shares were Wednesday quoted at 210.70 pence, up 1.2%.