Old Mutual has announced that Ralph Mupita, CEO of Old Mutual Emerging Markets (OMEM), has tendered his resignation, in order to pursue interests outside of the financial services industry. 

The search process for his successor will be launched imminently.

Mupita has a notice period of three months and will continue in post during that time. 

Mupita has been CEO of Old Mutual Emerging Markets since February 2012, after joining Old Mutual in 2001. 

His previous roles in Old Mutual include Managing Director of Old Mutual Unit Trusts, and Old Mutual South Africa's Strategy Director. 

In 2008, he was appointed Managing Director of Old Mutual South Africa's Retail Affluent division and in April 2011 he became CEO of Old Mutual Life and Savings. 

He is a director of Old Mutual Emerging Markets, Old Mutual Life Assurance Company (South Africa), Old Mutual Africa Holdings and Old Mutual Investment Group, and serves on various external boards such as the Association for Savings & Investments SA, Business Leadership South Africa, and the University of Cape Town (Graduate School of Business) advisory board.

Commenting on his resignation, 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,” he said.

OMEM, like the rest of the Old Mutual businesses, is currently going through a business readiness programme as part of Old Mutual's managed separation process.

Bruce Hemphill, Old Mutual 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,” he said.