Old Mutual plc introduced two new nonexecutive directors to its board yesterday. These are Zoe Cruz and Adiba Ighodaro. The move was characterised by the board chairperson, Patrick O’Sullivan, as benefiting “diversity in terms of skills, experience, geography and gender”.
Here follows brief impressions and biographical details of Cruz and Ighodaro as largely presented by Old Mutual.
“I am especially pleased to be working alongside the rest of the talented Board of Old Mutual. I look forward to contributing to the growth and success of the Group at a very interesting time in its development.”
‘Zoe was Co-President for Institutional Securities and Wealth Management at Morgan Stanley from 2005 to 2007. She was responsible for running major revenue-generating businesses there, including overseeing their securities risk management and information technology. From 2009 to 2012, she was involved in founding and running her own investment management firm, Voras Capital Management.
Prior to becoming Co-President of Morgan Stanley, she had been its Global Head of Fixed Income, Commodities and Foreign Exchange from 2001 until 2005. She joined the company in 1982 and was the third founding member of the foreign exchange group. She became a Vice President in 1986,
Principal in 1988, Managing Director in 1990 and was Co-Head of the Foreign Exchange Group from1993 until 2001.
Her early career was spent as a Foreign Exchange Trade with New England Merchants National Bank.
She has a BA and an MBA from Harvard University.’
“No other group of its kind is better positioned to expand its activities across rapidly growing markets in the rest of Africa. Joining the Board at this juncture and contributing what I can to solidifying this growth will be a privilege.”
‘Adiba obtained a law degree in London, before moving to Nigeria, where she qualified at the Nigerian Bar and worked initially in private practice. She then joined the Commonwealth Development Corporation (CDC) in 1991, first in London, and later in Lagos, with a remit to establish CDC’s Nigerian business. She moved to the Caribbean a year later as a Senior Investment Executive and Investment Manager of CDC, helping to obtain investment for and dispose of some of the company’s interests in Africa and the Caribbean. Later she became CDC’s Country Manager for Nigeria. She also became Head of West Africa, with responsibility for building the investment business of its Actis unit across the region.
Actis was spun out of CDC in 2004, resulting in Adiba’s role changing primarily to raising investment Fund and $1.2 billion Infrastructure funding including for Actis’s $3 billion Global Emerging Markets Fund.
Adiba was a founding Board Director and Investment Committee member of Capital Alliance Private Equity Limited, Nigeria. She has also contributed extensively to various think tanks, including the Nigerian Economic Summit Group, the Privatisation Committee and the Nigerian-South African Business Council.
She has an LLB from Kings College University of London and a Certified Diploma in Accounting & Finance (ACCA).’