Zimbabwean born business executive Ralph Mupita, CEO of Old Mutual Emerging Markets (OMEM) has tendered his resignation, in order to pursue interests outside of the financial service industry. The search process for his successor will be launched immediately. Mupita will join MTN as its Group Chief Financial Officer and Executive Director from 3 April 2017.
Mupita will see out his three months’ notice period. OMEM like the rest of the Old Mutual business is currently going through a business readiness programme as par of Old Mutual’s managed separation process. This is not affected by today’s announcement and will continue as planned.
Bruce Hemphil, Old Mutual plc CEO and Chairman of OMEM, said:
“On behalf of Old Mutual, I would like to thank Ralph for his dedicated leadership of the OMEM business over the last five years. He has been an excellent leader and we wish him well in his future endeavours. “I will work very closely with OMEM’s strong and deep management team to ensure there is no disruption to the business or its customers while we seek Ralph’s successor. Meanwhile, the managed separation process is unchanged and we will continue to maintain our engagement with key stakeholders throughout.” Ralph Mupita said:
“I have spent 16 great years at Old Mutual, and believe that I have made a contribution to the growth and development of the business over that time. But I feel the time is right for me to pursue other challenges outside of the industry.
“Old Mutual plays an important role in the socio-economic transformation of South Africa and the other key markets in which it operates, and it has been a privilege to have been part of such an august and iconic institution. I wish the business every success in the future’
On joining MTN, Mupita said:
“I am pleased to be joining a Pan African, pioneering and iconic company such as MTN. MTN has a great brand and excellent market positions that give it an attractive and unique platform for growth. I look forward to my new role in assisting MTN achieve its vision and objectives”.
Ralph holds a BSc Engineering (Hons) and an MBA both from the University of Cape Town. Before joining Old Mutual in 2001, he worked on engineering and construction projects in South Africa. In his career at Old Mutual, Ralph has had a variety of senior leadership roles that included being strategy director of Old Mutual South Africa, and running the Retail Affluent business in South Africa. In his current role as Chief Executive, Old Mutual Emerging Markets, Ralph is responsible for all of Old Mutual Plc’s operations in Emerging Markets excluding Nedbank Limited. Old Mutual Emerging Markets operates in 19 countries in Africa, Latin America and Asia offering life insurance, property and casualty and banking solutions to over 24 million customers, generating R12bn (December 2015) of adjusted operating profit.
Former MTN Group CEO Sifiso Dabengwa was also Zimbabwean.
Dabengwa left MTN in November last year after 17 years of service to the telecommunications group.
He left before his contract ended after the imposition of a US$5,2bn fine by regulators in Nigeria after its subsidiary there failed to cut off more than 5m unregistered Sim cards. The fine was later reduced to $3,9bn.
MTN has been criticised by some of its shareholders for paying Dabengwa a R23,7m golden handshake.
In the group’s 2015 annual report, published in April, MTN revealed that it had paid Dabengwa R40,6m in the 12-month period to 31 December 2015.
This was made up of R23,7m for “compensation for loss of office”, along with a salary of R8,4m, post-employment benefits of R1,1m, other benefits of R2,9m and share gains of R4,5m.