Financial services giant Old Mutual plc on Friday announced that Christopher Collins has agreed to succeed Mike Levett as chairperson of the board at the end of the annual general meeting on May 11 next year.
The group said Levett has confirmed his intention to retire from the board at the conclusion of the meeting.
Levett has been with the Old Mutual Group for 46 years. He has been chairperson of Old Mutual plc since the demutualisation and listing of the group in 1999.
He had previously been chairperson and chief executive of the predecessor mutual entity, the South African Mutual Life Assurance Society, from 1990.
The group added that during his period as chairperson of Old Mutual plc, he has led the group’s transformation from its South African roots into a leading international financial-services company with operations in the United Kingdom, the United States and the Far East, in addition to its major life assurance, short-term insurance, banking and investment businesses in South Africa.
Old Mutual now has one-third of its business in the US and some fast-growing businesses in the UK.
Collins (64) is currently the senior independent director, having been a director of the company since 1999, and is an experienced FTSE 100 chairperson.
In April next year, prior to taking up this appointment, he will step down as chairperson of Hanson plc, a role he has held since 1998.
He was previously executive vice-chairperson while the company transformed from a diversified conglomerate into a focused building-materials company.
He is also a director of Forth Ports, Alfred McAlpine and The Go-Ahead Group.
Collins said: “Following Mike Levett as chairman of Old Mutual is a great honour. He has made an immense contribution to the growth of the company into the international group it is today. I very much look forward to playing my part in the next stage of the company’s growth, both in South Africa and around the world.” — I-Net Bridge