LONDON, July 24, 2002 (PRIMEZONE) -- Old Mutual plc (OTCBB:ODMTF), today announced that Dr. Johannes van der Horst will retire from the Group at the end of September after close to 32 years of service. Van der Horst currently works alongside Old Mutual plc Chief Executive, Jim Sutcliffe, assisting in matters of governance, strategic planning and communication. Prior to that he was based in the Chairman's Office in Cape Town as Executive General Manager engaged in capital management and generally assisting Mike Levett in his duties.
After joining Old Mutual Investments in 1971 his career moved through research, asset management and various other functions. In 1985 he was appointed General Manager (Investments) and remained head of Old Mutual's investment operation for the next eight years. Following the creation of Old Mutual Asset Managers (OMAM) in 1993, he remained responsible for Old Mutual's life funds investment operation both in South Africa and other African countries for another four years.
In September 1997 he was appointed to head up Old Mutual's demutualization project. The largest exercise of its kind ever undertaken in South Africa, Dr. Van der Horst was the core leader of this project that transformed Old Mutual from a mutual society and culminated in the listing of the Group on various stock exchanges in July 1999.
Old Mutual plc Chief Executive, Jim Sutcliffe said: "Johannes has served Old Mutual in a variety of leadership positions for over three decades. During this long and distinguished career he has made an immense contribution to the Group. His dedication, commitment and drive have been instrumental in helping to build the business and prepare it for the challenges being faced in this new era as an international financial services company whose roots remain firmly in Africa. His wise counsel has served the Group well and, today, we take this opportunity to wish Johannes well during his retirement."
Bruce Allen Group Media Communication Old Mutual Tel: (021) 509 2732 Cell: 082 453 8298 Email: ballen@oldmutual.com