Old Mutual considers Nedbank executive as finance chief -source

Tue May 13, 2014 12:07pm EDT

Related Topics

* Nedbank's Ingrid Johnson in running for Old Mutual role -source

* Johnson would be 10th female finance chief in FTSE 100

By Steve Slater

LONDON, May 13 (Reuters) - Insurer Old Mutual is considering picking Nedbank executive Ingrid Johnson as its new finance director, a person familiar with the matter said, which would see her join a small group of FTSE 100 firms with a female finance chief.

Johnson would become the 10th female finance director among Britain's top 100 firms if appointed. She is currently managing executive of retail and business banking for Nedbank, one of South Africa's four largest banks. Nedbank is 52 percent owned by Old Mutual.

The appointment had not yet been finalised and so could change, the source said. Old Mutual's board is due to meet on Wednesday before its first-quarter results and annual shareholder meeting on Thursday. A spokesman for the company said a new finance director had not yet been appointed.

Nedbank Chief Executive Mike Brown declined to comment when asked by Reuters about Johnson following the bank's annual shareholder meeting in Johannesburg on Tuesday. Johnson could not immediately be reached for comment.

Old Mutual is headquartered in London but makes most of its money in South Africa, aided by the contribution from Nedbank.

It has been looking for a new finance chief since announcing in December that Philip Broadley would step down. It said Broadley would stay until a successor was found.

Johnson, 47, joined Nedbank in 1993 and has worked in a number of roles. In 2005 she was appointed managing director of Nedbank business banking and joined the bank's executive committee in 2008. In 2009 she became managing executive of retail and business banking.

Female finance chiefs at FTSE 100 firms include Deirdre Mahlan at drinks maker Diageo, Maeve Carton at Irish building materials company CRH and Karen Witts at retailer Kingfisher.

Other top-100 firms with female finance chiefs are British Land, Smith & Nephew, Burberry, Hargreaves Lansdown, Aggreko and Ashtead . (Additional reporting by Helen Nyambura in Johannesburg; editing by Keiron Henderson)

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