Old Mutual CEO to step down

Old Mutual has announced Iain Williamson will take early retirement and step down as CEO effective 31 August 2025. 

An actuary by profession, Iain joined Old Mutual in 1993. After various roles in employee benefits and personal finance, he relocated to London for a Corporate Development role at the then Old Mutual plc.

In 2003, he returned to South Africa and served in various roles in distribution, technology, and finance. 

Williamson was soon promoted to CFO of Retail Affluent and subsequently Managing Director of the Retail Affluent segment.

He was appointed as Old Mutual Emerging Markets’ Finance Director in 2015 and Chief Operating Officer in 2017.

The board accepted Williamson’s request to take early retirement after 32 years with the insurer, having spent the last five as CEO. 

In a statement, the board said it extends its heartfelt thanks for his remarkable commitment and service to the company, its clients and the industry. 

“He will leave Old Mutual a stronger, more resilient, and more innovative company that is ideally positioned to grow and thrive into the future.” 

“Iain will work with the Old Mutual Board and his successor upon their appointment to ensure a smooth and managed handover.” 

The board has initiated a process, considering internal and external candidates, to identify a new CEO to lead the company through its next phase of growth and innovation. 

Williamson was appointed in May 2019 after former CEO Peter Moyo was suspended for an alleged conflict of interest. 

This marked the beginning of Williamson’s second stint as CEO of the company, having first acted as interim CEO in 2017. 

According to Old Mutual, the situation arose because the former CEO “violated the terms of his employment contract” by allegedly placing his private financial interests ahead of the company.

“In flagrant disregard of the provisions in his employment contract designed to manage conflicts of interest between NMT Capital – a company Moyo co-founded – and Old Mutual, Moyo chaired a meeting of the NMT Capital Board on 4 July 2018, at which it was decided to pay an ordinary dividend of R105 million.”

“Moyo and his partners thus shared R84 million while omitting to pay preference share dividends, valued at R65.4 million at the time, due to Old Mutual,” the insurer said.

Williamson took the helm after the spat between the 174-year-old insurer and Moyo spilt into the open in May 2019.