Matsekete replaces Mushosho as Old Mutual CEO

Published: 07 November 2019
Old Mutual has announced First Capital Bank MD Sam Matsekete as CEO-Designate. This follows Matsekete's resignation from the banking group effective January 1, 2020.

He will take over from Jonas Mushosho who retires from the group at the end of 2019.

In a statement, First Capital Bank confirmed the resignation of Matsekete who led the transition of the bank from exiting the Barclays Group.

Before his appointment as MD, Matsekete was chief finance officer.

In a statement, Old Mutual, which usually follows an organisational succession plan, said that the appointment follows a rigorous internal and external recruitment process. Old Mutual's Rest of Africa MD Clement Chinaka said: "San was part of the team that set up Old Mutual Asset Managers (now OMIG) in Zimbabwe soon after demutualisation 20 years ago. I am pleased to be welcoming him back into the Old Mutual family."

"This new appointment does come at a challenging time in Zimbabwe. However, it is thanks to the strength of our leadership that we have weathered the storm and will continue to seize opportunities for growth. Sam can now build on the strong foundation we have in Zimbabwe to take the business forward."

In the half year ended 30 June 2019, OMZL recorded a 671% growth in profit before tax to $509.2 million while operating profit rose by 287% to $132.9 million. Gross Written Premiums (GWPs) increased by 29% to $132.6 million with the group noting improvements in both life and short term insurance business due to client retention and new business.

Meanwhile, First Capital Bank has announced group CFO Ciaran McSharry as acting MD.
- finx
Tags: OldMutual,


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