LONDON, July 13, 2001 (PRIMEZONE) -- The Board of Old Mutual plc (LSE:OML) has agreed that the time is now appropriate for the roles of Chairman and Chief Executive Officer to be split. The Board is pleased to confirm that Mr. Michael J. Levett will continue as Chairman of Old Mutual plc (and as Director and Chairman of the Boards of the subsidiaries on which he presently sits), but will step down as Chief Executive effective November 1, 2001.
The Board is pleased to announce the appointment of Mr. James Sutcliffe as Chief Executive of Old Mutual plc effective 1 November 2001.
Mike Levett commented, "The two years since Old Mutual demutualized and listed have seen tremendous growth and development in the Group. Having overseen the demutualization, listing, and the first two years of operation as a listed company, the time is right for me to relinquish the role of Chief Executive. I am very pleased that the Board has agreed to the appointment of Jim Sutcliffe as Chief Executive to continue the development of the Group into the future.
"It is a tribute to the strength of management within the Old Mutual Group that we have been able to make this appointment from within our existing team. This will clearly facilitate the continuation of our growth strategy and further the development of our Group. I look forward to working with Jim in the vigorous pursuit of our goals in the South, southern Africa and internationally."
Attachments: http://reports.huginonline.com/827291/91617.doc