All Mutual ranks go for 100% local
Back in the mainstream after four years of learning the ropes of institutional finance, is Kosmas Egumbo (left), the new Group Chief Executive of Old Mutual. Sharing his elation are outgoing Old Mutual Africa MD, Johannes !Gawaxab and Old Mutual Africa Head of Distribution, Gim Victor.
Kosmas Egumbo will succeed Gim Victor, who upon the expiry of his Old Mutual South Africa secondment to Namibia has been appointed Head of Distribution for Old Mutual Africa. !Gawaxab said, “Today we are a locally incorporated business, serving all customers across the value chain, from lower end, through the middle market, to the affluent. to institutional clients.” He added, “We only have one employee, yes one non-Namibian, who is leaving at the end of this year and who has done an excellent job in transferring skills.”
Gim Victor concluded a successful stint in Namibia and will be returning to his home base in South Africa and this will see the top cream at Old Mutual Namibia all being local.
Egumbo joined Old Mutual four years ago and currently is currently the Chief Executive of Corporate business. In his earlier career Egumbo had a brief but disastrous time as CEO of Air Namibia after working for the City of Windhoek and the GTZ.
Said !Gawaxab, “Kosmas brings with him passion to lead the team to greater heights and to make the Mutual an even greater place to work.”
Egumbo’s key responsibility will be to help Old Mutual Namibia deliver on its stated strategic objective of maintaining its market leading position, accelerating the delivery of its corporate strategy including digital distribution and the continued strengthening of local talent development. He holds a BSC Electrical Engineering degree, has completed leadership and management programmes, and this year completed a GMP at Harvard Business School. Meanwhile several other internal appointments consistent with Old Mutual’s management strategy will occur over the next few months and into the new year.
These include the appointment of Lionel Kannemeyer, current Sales Head for Corporate, who assumes the CEO: Corporate role as of 1 November when Kosmas takes on the Group CEO position; the welcome return of Nico Hoabeb to Namibia, assuming the Retail Mass Executive role as of 1 January 2015, after his valued four-year stint as CEO: Swaziland; and the appointment of Martha Murorua as Executive: Strategic Initiatives. As of 1 January 2015, this position includes the oversight of several strategic initiatives for Old Mutual Namibia as well as an accelerated and structured development programme over the next 12 months.
