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Old Mutual hunts for CEO . . . as Mushosho’s term nears end

26 Apr, 2019 - 11:04 0 Views
Old Mutual hunts for CEO . . . as Mushosho’s term nears end Jonas Mushosho

eBusiness Weekly

Business Writer
Diversified financial services group Old Mutual Zimbabwe Limited (OMZIL) has started the search for a new CEO to replace Jonas Mushosho, whose  five-year term at the helm of the insurance giant is set to end next year.

Mushosho was appointed CEO in September 2012, has been with Old Mutual for approximately 27 years and previously held the positions of group finance director and general manager retail business.

At his appointment, Mushosho was described by the then Old Mutual Africa Operations managing director and now Old Mutual Zimbabwe chairman Johannes Gawaxab as “a safe pair of hands”.

It is not clear whether Mushosho will also relinquish his post as CEO of rest of Africa business, a post he was appointed to in 2017.

Prior to that appointment, Mushosho doubled as CEO for Old Mutual Southern and East Africa, as well as for Old Mutual Zimbabwe.

During his tenure, Mushosho helped the Zimbabwe unit grow its revenue base to US$1,4 billion for the year to December 2018.

While Mushosho was not answering his phone on Thursday a recruitment notice seen by Business Weekly showed the financial services giant is looking for a CEO who has the ability to develop a clear business strategy and business plans for Old Mutual Zimbabwe Limited (OMZIL), aligned to and contributing to the overall Old Mutual Limited (OML) and Old Mutual Rest of Africa (RoA) strategy and objectives.

The new CEO will also be “responsible for strategic direction of the overall business, including all operational components of Finance, Human Capital, Information, Communication & Technology (ICT) and Risk & Compliance (in addition to P&L businesses)”.

The new CEO will also be expected to grow and expand the business while managing profitability.

Stakeholder management and good relations with the central bank, Ministry of Finance and the Presidency are also key result areas for the new CEO according to the recruitment notice. The new CEO should also be willing to travel within Zimbabwe and across portfolio countries in Africa, as required, reads the notice.

While Business Weekly could not get an official confirmation from Mushosho or the Group’s communications officer Matilda Nyati, sources said Mushosho’s term is indeed coming to an end next year.

“Normally Old Mutual CEOs have a five-year term, and his (Mushosho’s term) comes to an end next year so its most likely they are recruiting now to ensure a smooth transition, with his departure date still to be confirmed,” said the source.

Former chief executive officer of Old Mutual Emerging Markets and current MTN CFO Ralph Mupita is tipped to take over from Mushosho, according  to sources.

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