Another blow for Old Mutual leadership as Personal Finance head Karabo Morule resigns

Old Mutual Personal Finance Managing Director Karabo Morule has stepped down, citing personal reasons, Old Mutual announced on Friday evening. 

In a statement on the JSE Stock Exchange News Service, Old Mutual said although the resignation was effective from October 18, she would remain in her role for three months to assist with the transition to an internal successor. 

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The insurer said it was "confident that its leadership bench strength" would yield a suitable successor. 

Acting CEO Iain Williamson expressed appreciation for Morule's contribution to the company since she joined in 2010.

Old Mutual has been rocked by a series of leadership shocks in recent months. Amid a drawn-out court battle with axed CEO Peter Moyo, the firm also saw the recent resignation of director Nombulelo Pinky Moholi.