Old Mutual has announced that Vassi Naidoo will join its Board as a non-executive director with effect from 1 May 2015.

This appointment follows Naidoo's selection by Group's banking subsidiaries, Nedbank Group and Nedbank, as their prospective new Chairman.

Naidoo will also join Nedbank's Boards from 1 May 2015, succeeding Reuel Khoza, Nedbank's current Chairman.

"Naidoo has excellent knowledge of banking and deep experience and skills in relation to financial services.
He has a clear commitment to Africa and extensive experience on the continent which is a critical part of our Group strategy," Old Mutual said in a statement.

Qualified as a South African and UK Chartered Accountant, Naidoo retired from Deloitte's London office at the end of November 2014.

Commenting on these prospective changes, Old Mutual Chairman, Patrick O'Sullivan, said: "We are very grateful for Reuel's service on the Board of the Company and at Nedbank. He has been a constant source of guidance and wisdom to us during his tenure and is living testimony to "attuned leadership'. We wish him well for the future.

"We are delighted to welcome Vassi Naidoo to our Board. Vassi's extensive experience of banking and financial services and experience in Africa will benefit Nedbank and his position on the Company's own Board will provide us with additional insight into these important areas of the Group's business," he added.