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Old Mutual CEO resigns; sees $135 million writedowns

LONDON
Wed Sep 10, 2008 2:59am EDT

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LONDON (Reuters) - British insurer Old Mutal (OML.L) said on Wednesday Chief Executive Jim Sutcliffe would resign with immediate effect, and would be replaced by Julian Roberts.

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A statement gave no reason for Sutcliffe's resignation. Roberts is the former head of Skandia.

In a separate statement it also said it would take writedowns of $135 million in the value of preferred stock of Fannie Mae (FNM.N) and Freddie Mac (FRE.N) held by Old Mutual's US life business.

(Reporting by Lorraine Turner)
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