Roberts is expected to remain as the group’s chief executive until the fourth quarter of this year when Hemphill is set to take over. The life insurance giant said the move is part of an “orderly succession plan”.
Hemphill is currently chief executive of the wealth and insurance branch of African banking group, Standard Bank, where he has worked since February last year. Prior to that he had been the head of African financial services company, Liberty Group, for eight years, leading the business as it increased its footprint in sub-Saharan Africa and South Africa.
In his new role he will be executive director in Old Mutual’s office in London.
“Uniquely qualified”
“I am delighted that we are able to appoint such a uniquely qualified individual to succeed Julian and build upon his record of success,” said the insurer’s group chairman, Patrick O’Sullivan.
He also praised Roberts’ leadership, which he said had helped the group recover from the challenges of the financial crisis.
“Today it is a resilient business, which has delivered a substantial increase in shareholder value and dividends with a significantly lower level of debt,” he said. “It is now well positioned for the future and fully focused on helping our customers meet their financial goals.”
Roberts said: “It has been a great privilege to be chief executive of Old Mutual for the past seven years.
“During that time, a great deal has been achieved at the group and I am very pleased that I will be leaving the company in such capable hands.”
