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Johannesburg - Kuseni Dlamini, former head of Anglo American's South African operations, will be the new head of Old Mutual South Africa (OMSA).
He replaces Paul Hanratty, who has moved to Old Mutual Plc in London to head the international group's savings products divisions.
Chairperson of Old Mutual SA Professor Andreas van Wyk said there had been an extensive internal and external search for Hanratty's successor.
Old Mutual has been in the throes of a shakeup since Julian Roberts took charge of the embattled life assurance and
wealth management group in late 2008.
Analysts polled by Fin24.com were non-committal about the appointment, adopting a wait-and-see attitude.
Some said an appointee from outside the ranks of the financial services industry - given the specialised nature of Old Mutual's business - could be a problem.
"Life companies can be quite complex beasts and are best run by a commercial actuary, or at least someone with a good understanding of the moving parts, risks and exposures of these businesses," said Neill Young from Coronation.
Old Mutual recently made another high-level appointment from outside the industry - chief financial officer Dianne Radley, formerly from electronics group Altron.
But Young added that an external appointment could be beneficial if it introduced fresh ideas to the group.
Some analysts are wondering why Dlamini would swap roles, and what to expect from him in future.
Paul Hanratty was viewed as a bright star in the Old Mutual group and his performance led to his elevation to the international operations.
Miningmx reports that Dlamini held the post as head of Anglo SA for just over a year.
His mandate was to manage relations with the South African government, ensure that transformation deals were equitably executed, and to look after corporate and social investment.
He was given a role on Anglo's executive committee, but crucially no representation at publicly listed company level which has in the past angered the South African government.
Although deprived of Plc influence, Dlamini nonetheless held a bigger view of the role than appears to have been the case.
"Kuseni has made a valuable contribution to the Anglo American group over the past 13 years," said Anglo American CEO Cynthia Carroll.
"I would like to thank him for all his hard work and wish him well for the future," she said in a statement.
- Fin24.com