Old Mutual Exec Quits

December 15 - The current Chief Executive of Old Mutual Plc, Kuseni Dlamini has denied industry speculations of a 'black exodus' from the financial and insurance giant.

Dlamini commented after news broke that Thabo Dloti, who had been a keen contender for the position of CE, was leaving to take up a position at Liberty Life Holdings.

Dlamini was the one who finally got the position, and he took up office on September 1.

"We have a good working relationship," said Dlamini about Dloti. "He spoke to me about this and said it was a good career move, and he has my support."

In his first 100 days of being in office, Dlamini has been very busy. Not only has he been meeting his managers and other staff members, but also developing a new business strategy for the group.

On Wednesday, Dlamini presented the business plan to the Old Mutual Board.

He explained that the group would focus locally on increasing efficiency in the insurance market, as well as retaining and growing Old Mutual's customer base

Dlamini also said that Old Mutual would focus on international growth in areas under his leadership, including China, South and Central America and other African countries.

The level of penetration in Mexico, for example, is low, considering that the country has 111 million citizens and a GDP that is double that of South Africa's.