Old Mutual names company insider as CEO-designate of its new bank

Source: Wikipedia.

Nethengwe, who has been with Old Mutual for over 15 years, was instrumental in developing the initial business case and appointing the first key executives for the new bank, the insurer said.

He is currently managing director of Mutual's Mass & Foundation business. He will take up his new job on Friday, 1 November, 2024.

"Clarence, a longstanding executive of Old Mutual, is suitably qualified to lead the bank as it prepares to go live," the insurer said.

"He has been a passionate advocate of the group's integrated financial services strategy and recognised early on the pivotal role banking would play as a growth opportunity for Old Mutual."

Old Mutual received regulatory approval to set up the bank in April this year. South Africa's second largest life insurer has said having a banking business would allow it to offer different financial services to its customers and generate new revenue streams.

Old Mutual also announced the resignations of Rolf Eichweber, who was chief executive officer of the bank during its early phase and Royden Volans, who was chief operations officer for the project. They will stay on until the end of October to help with the transition process.

More hires are planned as the bank's next growth phase takes off, the company said.