Old Mutual Life Assurance managing director Jonas Mushosho has been tipped to take over as the group chief executive officer of the country’s biggest property investment and insurance concern Old Mutual Zimbabwe (OMZ) effective October, NewsDay has learnt.
Mushosho will replace Luke Ngwerume, who had been part of the group for close to three decades before opting for early retirement.
Ngwerume has been the group chief executive officer of OMZ since September 2007 having joined the company as a departmental manager in 1983.
Sources this week said that after the resignation of Ngwerume this month, three candidates were shortlisted to replace him.
Among the shortlisted candidates were Cabs managing director Kevin Terry and Old Mutual investment and property managing director Zvomuda Chizura, who is a certified financial analyst.
“The new group CEO was unveiled at the company’s board meeting held on August 30,” said a source close to the developments.
When reached for comment Old Mutual Zimbabwe chairperson Muchadeyi Masunda was not forthcoming on information about who would take over the reigns from the long-serving Ngwerume.
Masunda, however, said he “was excited that Old Mutual Zimbabwe was an integral part of Old Mutual emerging markets headed by Ralph Mupita”.
The company’s emerging markets include Zambia, Namibia, Malawi, Swaziland, Kenya, Angola and Nigeria. It also includes India and China.
“Zimbabwe is well represented in the upper echelons of Old Mutual PLC. As a country we need to take advantage of the influence we have,” Masunda said.
The insurance giant has a number of running partnerships with various stakeholders, including the government.
In January this year, CABS, a subsidiary of OMZ, signed a memorandum of understanding with the Harare City Council on the establishment of a $15 million housing fund that will see the construction of over 3 000 housing units in the Budiriro high- density suburb.
It has also established the $10 million Kurera–Ukondla Youth Fund as part of its indigenisation agreement with the government and has also poured in $20 million towards the Distressed Areas and Marginalised Fund.
The group, through its various units, is an active institutional investor on the local bourse. newsday