LONDON, May 17, 2002 (PRIMEZONE) -- Old Mutual plc (LSE:OML) is pleased to announce that Nigel Andrews has been appointed as a non-executive director of the company with effect from 1 June 2002. He is already a non-executive director of the Group's principal U.S. holding company, Old Mutual (U.S.) Holdings Inc.
U.S.-based, Andrews is a British national aged 55, with extensive experience in U.S. financial and business management acquired during his involvement with U.S. General Electric Company, Internet Capital Group and Booz Allen Hamilton.
Andrews has a B.Sc. in Chemical Engineering from Sheffield University, holds an M.B.A. from London Business School, and is Chairman of the Regional Advisory Board, North America, of the London Business School. He is also a Director of Great Lakes Chemical Corporation.
Commenting on the appointment, Michael J Levett, Chairman of Old Mutual plc, said: "We have been looking for some time to appoint a director with the right mix of US and international experience. I am very pleased to welcome Nigel Andrews to the Board of Old Mutual plc, where his experience will bring a valuable additional dimension to our discussions."
Notes to Editors
Old Mutual plc is an international financial services company based in London, with substantial operations in life assurance, asset management, banking and general insurance. Old Mutual is listed on the London Stock Exchange with a market capitalization of 4 billion pounds as at 1 May 2002. It is also listed on the Johannesburg, Namibian, Malawi and Zimbabwe stock exchanges. The company operates the largest life assurance business in southern Africa, through which it provides life, disability and health insurance, retirement savings and investment products to individuals and groups. The company also has significant interests in life assurance and asset management businesses in the USA and a range of asset management businesses in the U.K. The group had 143 billion pounds of assets under management as at 31.12.01. Old Mutual owns 53% of Nedcor, one of South Africa's highest rated banks, and 51% of the South African general insurance company, Mutual & Federal.