FORMER Industry and International Trade minister Nkosana Moyo has joined the Old Mutual board as an independent non-executive director.
REPORT BY BUSINESS REPORTER
The company confirmed the development yesterday, adding that Moyo’s appointment for three years was with immediate effect.
In its letter of appointment, Old Mutual said: “Now that all necessary regulatory approvals have been obtained, I am writing to record your terms of engagement as a non-executive director of Old Mutual plc. It is agreed that this is a contract for services and is not a contract of employment.
“Your appointment as a non-executive director is for an initial term of three years from September 1, 2013 unless otherwise terminated earlier by and at the discretion of either party upon not less than one month’s written notice. Continuation of your contract of appointment is contingent on satisfactory performance and election or re-election at forthcoming annual general meeting.”
Moyo is the founder and executive chairman of the Mandela Institute for Development Studies (MINDS).
Prior to founding MINDS, he was vice-president and chief operating officer of the African Development Bank from 2009 to 2011. Between 2004 and 2009 he was the managing partner of Actis Capital LLP and also served as senior adviser and chairman of the Actis Africa Advisory Board.
He also served as an associate and managing director of the International Finance Corporation, World Bank and Batanai Capital Finance, respectively. Moyo also served as African regional head for corporate banking at Standard Chartered Bank and sat on numerous corporate boards including the advisory board of Unilever.
He currently sits on the boards of the Investment Climate Facility and of the Africa Leadership Institute.
Meanwhile, Old Mutual Investment Group Zimbabwe has disclosed that it recorded an 82% increase in after-tax profit to $1,4 million for the six months ended June 30, 2013 compared to $763 000 during the comparative period last year due to strong stock market performance and cost containment measures.
Despite achieving growth in revenue, operating and administrative expenses rose to $1,6 million from $1,4 million while other expenses increased to
$29 129 from $14 910 on the same period last year.
In a statement accompanying the group’s interim results for the six months ended June 30, Old Mutual Investment Group Zimbabwe chairperson Kennedy Mandevhani said the retail sector dominated economic activity primarily due to the increasing consumptive nature of the economy.