OLD Mutual said on Friday acting CEO Iain Williamson had been made permanent, ending a year of uncertainty over who will lead one of South Africa’s biggest insurers.
Williamson has held the interim position since May 2019, when then-CEO Peter Moyo was suspended and subsequently sacked in a dispute over a conflict of interest.
Since then, he has had to contend with a court battle with Moyo and the coronavirus crisis, both of which have hurt the insurer’s bid to remake itself, improve performance and assuage some frustrated investors.
“His steady hand, strategic mind, and authentic leadership style has been both refreshing and truly welcomed,” Chairman Trevor Manuel said of Williamson, an actuary by profession and Old Mutual veteran of almost three decades.
The decision clears up the last big question following the saga with Moyo, a difficult period for the 175-year-old insurer whose share price – and reputation –
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