Mutual and Federal CEO Announces Retirement

July 30 - The Chief Executive Officer of insurance giant, Mutual & Federal will be retiring in the first half of 2011.

Keith Kennedy said that at the time of his appointment, he had a clear view of what needed to be done and he believed that he had achieved what he had set out to do.

"My first major focus was to restructure the company to ensure an improved financial performance and this was achieved with the support of both staff and brokers," he said.

Kennedy said that he had already appointed a new executive team and that he was confident of its ability to "lead the company through future strategic changes."

The CEO will also help the board the recruitment of suitable replacement.

"I wish to thank all Mutual & Federal staff for their commitment and dedication over the last few years," said Kennedy. "I have built strong relationships in the industry over the last 27 years and have every intention of continuing to add value to the industry associations in a non executive capacity in the future."

During his time at the insurance group, Kennedy was responsible for the Old Mutual acquisition and the launch of a short term product through iWyze.

"I wish to thank Keith for the role he played during the difficult transitional phase of the last few years," said the Chairman of Mutual & Federal, JB Magwaza.