Cape Town - CEO of Old Mutual Emerging Markets (OMEM) Ralph Mupita has resigned to join MTN as group chief financial officer (CFO).
Mupita, who has been with Old Mutual for 16 years, will complete a notice period of three months, before joining MTN as CFO and executive director from 3 April 2017.
"I feel the time is right for me to pursue other challenges outside of the industry", Mupita said in an Old Mutual statement on Monday.
"Old Mutual plays an important role in the socio-economic transformation of South Africa and the other key markets in which it operates, and it has been a privilege to have been part of such an august and iconic institution. I wish the business every success in the future."
Mupita has been CEO of OMEM since February 2012. His previous roles in Old Mutual include managing director of Old Mutual Unit Trusts, and Old Mutual South Africa's strategy director.
In 2008, he was appointed managing director of Old Mutual South Africa's Retail Affluent division and in April 2011 he became CEO of Old Mutual Life and Savings. He is a director of OMEM, Old Mutual Life Assurance Company (South Africa), Old Mutual Africa Holdings and Old Mutual Investment Group.
Mupita has an MBA and B.Sc. Engineering (Hons) degree from the University of Cape Town. He is also a graduate of Harvard Business School's GMP programme, and has attended executive programmes at London Business School and INSEAD.
MTN executive chairperson Phuthuma Nhleko said he is delighted to have someone of Mupita's calibre join the team.
"His background in financial services and emerging markets will stand Ralph in good stead in his new role as Group CFO," he said.
Mupita described the firm as a "Pan African, pioneering and iconic company" with a "great brand and excellent market positions that give it an attractive and unique platform for growth".
He said: "I look forward to my new role in assisting MTN achieve its vision and objectives.”
Old Mutual said the search process for Mupita's successor will be launched imminently.
"On behalf of Old Mutual, I would like to thank Ralph for his dedicated leadership of the OMEM business over the last five years," said Bruce Hemphill, Old Mutual CEO and chairperson of OMEM.
"I will work very closely with OMEM's strong and deep management team to ensure there is no disruption to the business or its customers while we seek Ralph's successor."
OMEM, like the rest of the Old Mutual businesses, is currently going through a business readiness programme as part of Old Mutual's managed separation process.
"[T]he managed separation process is unchanged and we will continue to maintain our engagement with key stakeholders throughout," Hemphill added.Read Fin24's top stories trending on Twitter: Fin24’s top stories
Mupita, who has been with Old Mutual for 16 years, will complete a notice period of three months, before joining MTN as CFO and executive director from 3 April 2017.
"I feel the time is right for me to pursue other challenges outside of the industry", Mupita said in an Old Mutual statement on Monday.
"Old Mutual plays an important role in the socio-economic transformation of South Africa and the other key markets in which it operates, and it has been a privilege to have been part of such an august and iconic institution. I wish the business every success in the future."
Mupita has been CEO of OMEM since February 2012. His previous roles in Old Mutual include managing director of Old Mutual Unit Trusts, and Old Mutual South Africa's strategy director.
In 2008, he was appointed managing director of Old Mutual South Africa's Retail Affluent division and in April 2011 he became CEO of Old Mutual Life and Savings. He is a director of OMEM, Old Mutual Life Assurance Company (South Africa), Old Mutual Africa Holdings and Old Mutual Investment Group.
Mupita has an MBA and B.Sc. Engineering (Hons) degree from the University of Cape Town. He is also a graduate of Harvard Business School's GMP programme, and has attended executive programmes at London Business School and INSEAD.
MTN executive chairperson Phuthuma Nhleko said he is delighted to have someone of Mupita's calibre join the team.
"His background in financial services and emerging markets will stand Ralph in good stead in his new role as Group CFO," he said.
Mupita described the firm as a "Pan African, pioneering and iconic company" with a "great brand and excellent market positions that give it an attractive and unique platform for growth".
He said: "I look forward to my new role in assisting MTN achieve its vision and objectives.”
Old Mutual said the search process for Mupita's successor will be launched imminently.
"On behalf of Old Mutual, I would like to thank Ralph for his dedicated leadership of the OMEM business over the last five years," said Bruce Hemphill, Old Mutual CEO and chairperson of OMEM.
"I will work very closely with OMEM's strong and deep management team to ensure there is no disruption to the business or its customers while we seek Ralph's successor."
OMEM, like the rest of the Old Mutual businesses, is currently going through a business readiness programme as part of Old Mutual's managed separation process.
"[T]he managed separation process is unchanged and we will continue to maintain our engagement with key stakeholders throughout," Hemphill added.Read Fin24's top stories trending on Twitter: Fin24’s top stories