Old Mutual Emerging Markets announced today the appointment of two business leaders from Kenya and Zimbabwe to its boards in a move that emphasizes the group’s ambitions to capture the growing pie within the sub Saharan continent.
The appointed directors are Peter Wanyanga Muthoka from Kenya and Mordecai Pilate Mahlangu from Zimbabwe.
The South African born financial services giant which migrated its listing to the London Stock Exchange in the late 1990’s, is joining the mass flock onto the sub Saharan region. The region is seen as the next growth frontier as commodities fueled economic growth promises to produce massive growth of the consumer sector and logically the service economy.
Old Mutual said the appointments demonstrate its focus on integrating valuable skills and strategic knowledge of the key African markets in which it is expanding.
Old Mutual has recently announced that it has budgeted R5 billion for Africa expansion. This was followed by an announcement early last month where Old Mutual announced that its Emerging Markets business is to enter into a strategic partnership with Faulu Kenya DTM through the acquisition of a controlling stake in this business. Faulu is described as the first Deposit Taking Microfinance company to be licensed by the Central Bank of Kenya and the second largest in East Africa with more than 400,000 customers.
Commenting on the deal Ralph Mupita, Chief Executive of Old Mutual Emerging Markets, said “We continue to see further opportunities for the development of our business across East Africa.”
Old Mutual Group Chief Executive Julian Roberts“We are building on our existing business in Kenya with a significant extension of our distribution and product offering through this transaction. This is a further step in executing our strategy of expanding our African footprint.”
Here follows profiles of the two executives joining Old Mutual Emerging Markets supplied by the company.
With effect from 1 August 2013, Mr Peter Wanyaga Muthoka joins the boards of Old Mutual Emerging Markets (OMEM) and Old Mutual African Holdings as a non-executive director.
He was also recently appointed chairman of Old Mutual Asset Managers (Kenya) Limited and chairman of Old Mutual Investments Services (Kenya) Limited. In addition he is a non-executive director of Old Mutual Holdings and Old Mutual Life Assurance Company (Kenya) Limited, among others.
Mr Muthoka previously served as the Group Chairman of Kenya Commercial Bank. He is the chairman of the Board of Fellows of the Kenya Institute of Management (KIM) and chairman of the Board of Trustees of the Management University of Africa (MUA). Mr Muthoka is a Fellow of the Kenya Institute of Bankers, Fellow of the Kenya Institute of Management and a member of the Kenya Institute of Directors.
He holds a BA (Hons) degree from University of East Africa (UEA) and an MA degree from University of California Los Angeles (UCLA).
As a corporate leader, Mr Muthoka has wide and varied experience in the public and private sectors in the fields of finance, investment, management and international diplomacy. In 2012 he was awarded the medal of Elder of the Burning Spear (EBS) by the President of Kenya for distinguished service rendered to the country especially in the areas of finance, investments, corporate socially responsibility and philanthropy. Prior to that, in 2004, Mr Muthoka was awarded the medal of Moran of the Burning Spear (MBS) for devotion, commitment, loyalty and exemplary service rendered to the Kenyan public service and international organisations.
MORDECAI PILATE MAHLANGU
During May, Mr Mordecai Mahlangu joined the board of Old Mutual African Holdings as a non-executive director.
Mr Mahlangu has a distinguished legal career in Zimbabwe. He completed his law degree at the then University of Rhodesia in 1975 and was admitted as an attorney of the High Court in 1978. He continues to practise law and has been a partner in the Harare law firm of Gill, Godlonton and Gerrans for the past 21 years.
He is a member of the Law Society of Zimbabwe and of the International Bar Association. He also sits on the boards of various companies in Zimbabwe, both listed and unlisted, including the Old Mutual Life Assurance Co Ltd, Truworths Limited and RioZim Limited. A few years ago he was asked to serve on the Board of the Reserve Bank of Zimbabwe of which he remains a member.
Mr Mahlangu is also involved in educational and charitable pursuits. He is a Rotarian with the Rotary Club of Harare Dawn of which he is a Past President and serves on the Board of the Zimbabwe Lawyers for Human Rights, a leading human rights defender in Zimbabwe.
Paul Hanratty, Chairman of Old Mutual Emerging Markets, remarked: “We are embarking on a crucial expansion drive in Africa and these appointments strengthen our insights into key markets.”
Ralph Mupita, CEO of Old Mutual Emerging Markets and Chairman of Old Mutual Africa Holdings, added: “We are delighted about these appointments. Their valuable knowledge and understanding of the financial services industry will help us expand our presence in the African region.”