CAPE TOWN - 19 JULY 2004 - Old Mutual today announced two senior appointments that, it says, will "further embed both the cause and spirit of transformation" in its South African operation. Bertie van Wyk currently Acting CEO of Employee Benefits has been confirmed as the CEO of that business. Benjamin Kodisang is set to take over from Ian Watt as Managing Director of Old Mutual Properties.

Kodisang, currently a General Manager at Old Mutual's Employee Benefits division, has been named Managing Director Designate of Old Mutual Properties. For the next six months he will work with the current MD, Ian Watt, during which time he will help develop the business plans for 2005. He assumes the role of MD from 1 January 2005. Watt will then focus on growing Old Mutual Properties' international presence, and looking for property investment elsewhere that will grow our business in other countries.

"Ben brings a wealth of investment expertise to the role," Old Mutual Deputy Managing Director Peter Moyo said when making the announcement today. "He has held a General Manager position since 2002 and has overseen a pool of assets in excess of R80 billion. This focus, combined with the property expertise currently embedded in the business, will make a powerful combination to drive the Properties portfolio forward."

Watt, meanwhile, will be in a position to continue making a valuable contribution to the group as he applies his mind to some of the challenges facing us globally. I have asked Ian to focus on growing our International Property Business. It is an area that Ian is very strong in and passionate about" said Moyo about Watt's new role.

Kodisang's roots in the Employee Benefits business have proven to be an excellent grounding. He joins the ranks of other senior Old Mutual executives with a track record in that business - including Moyo, and Group Schemes MD Thabo Dloti, both of whom come from an Employee Benefits background.

"We are determined to maintain EB as a hotbed of new talent for the group," Moyo said when announcing the second appointment today, "And so I'm very happy to confirm Bertie van Wyk to the position of Employee Benefits CEO with immediate effect."

"Van Wyk has been Acting Chief Executive  for nearly a year and, in that time, has proven his commitment to running a successful, transformed business. He has married these imperatives in a way that is inspiring to the whole of OMSA - Ben's promotion to Old Mutual Properties is an indication of how successful the nurturing environment he has created has been.  EB is today in a very strong and stable position and Bertie has to grow this going forward. I am looking forward to the growth of EB," said Moyo.

Van Wyk is credited with building Employee Benefits to its current stable position with good results for the last year, and has been charged by Moyo to now take the business further "to hold and grow the number one position it deserves!"

These two appointments both affect the makeup of Moyo's Corporate Board - which now comprises Moyo, van Wyk, Kodisang, Dloti, Lance Katz, Khehla Mthembu, Raymond Berelowitz, Dean Graham, Sizwe Mncwango and Johannes !Gawaxab.

"The Corporate Board is a strong, diverse and highly talented team. I look forward to working with them to continue building our business," Moyo concluded.

ends

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