Old Mutual has new Finance Director

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Old Mutual plc has announced the appointment of Jonathan Nicholls as Group Finance Director. Mr Nicholls joins from Hanson PLC, where he has been Finance Director since 1998, and will take up his appointment on 1 November 2006. He will also be appointed to the Old Mutual plc Board.

Mr Nicholls joins Old Mutual after a 10-year career at Hanson PLC and prior to that 11 years with Abbey National (1985 to 1996). Since his arrival at Hanson in 1996, Mr Nicholls has played a key role in the company’s successful repositioning following three major demergers in 1996/1997. During this period he has initiated and, with his team, driven continuous improvement of Hanson’s operations in over 14 countries and the introduction of more rigorous capital appraisal and strategic planning processes. He has a wealth of M&A experience, reflected in Hanson’s successful acquisition of Pioneer International and a large number of bolt-on acquisitions. He is currently a non-executive director of Man Group plc.

Mr Nicholls succeeds Julian Roberts, who became Chief Executive of Skandia in February 2006. Richard Hoskins, currently Acting Group Finance Director, will become Finance Director of Old Mutual’s US operations, reporting to Scott Powers, Chief Executive, Old Mutual USA, following handover to Jonathan Nicholls.

Jim Sutcliffe, Chief Executive of Old Mutual plc, said:
“I am delighted to welcome Jonathan to Old Mutual plc. He has strong international credentials, having looked after Hanson’s activities across the world and I am sure his appointment will prove invaluable to Old Mutual as it pursues its ambition to become a world-class international financial services group.”

Jonathan Nicholls, said:
“I am very excited to be joining Old Mutual at this important stage in its development. I see a real opportunity for me to exercise my skills and experience within this newly-enlarged Group, particularly the areas of cash management and strategic capital allocation across different businesses and markets.”

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