Old Mutual appoints former minister

FORMER Industry and International Trade minister Nkosana Moyo has been appointed as an independent non-executive director for Old Mutual plc with effect from September 1 2013.

Own Correspondent

In a statement, Old Mutual chairman Patrick O’Sullivan said Moyo will be influential in the company expansion of its footprint in the African continent because of his vast knowledge of markets.

“We are delighted that Nkosana has agreed to join our board. His extensive experience in financial services and his knowledge of African markets and governments will widen the board’s skill base as the group continues to execute its strategy of expanding its footprint on the African continent.”

Old Mutual provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, America, Asia and Europe. Moyo will also become a member of the board risk and nomination committees. He was appointed by President Robert Mugabe in 2000 into his so-called “War Cabinet” which consisted of technocrats as the Industry and International Trade minister in Zimbabwe.

Moyo, however, left the post in huff, faxing his resignation from South Africa. Prior to his Cabinet appointment by Mugabe, he had held senior positions at both Batanai Capital Finance (a venture capital company in Zimbabwe he founded) from 1997-2000, and at Standard Chartered Bank from 1990 to 1995, where he was later appointed as the African Regional head for Corporate Banking, based in London, with responsibility for operations in 14 African countries.

Moyo is the founder and executive chairman of the Mandela Institute for Development Studies (MINDS), which is an institute that seeks to address developmental challenges in Africa. Prior to founding MINDS, he was vice-president and chief operating officer of the African Development Bank from 2009-2011.

In 2001 he joined the International Finance Corporation of the World Bank as an associate director, based in Washington, US with responsibility for all small-to-medium scale enterprises operations in Africa.

He currently sits on the boards of the Investment Climate Facility and of the Africa Leadership Institute.

He holds a PhD in Physics from Imperial College, University of London and an MBA from the Cranfield School of Management in the UK.

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