Broadley replacement lined up for Old Mutual

by Kevin Reed

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14 May 2014

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INGRID JOHNSON is to step into the shoes of one of the UK's most senior finance directors, taking on the FD role at Old Mutual.

Johnson will succeed Philip Broadley as group FD from July, with Broadley staying on as an executive director until 31 August.

She currently serves as group managing executive: retail and business banking for Nedbank, where she has helped strategically reposition the business since 2009, including the integration of Imperial Bank into the retail arm. The chartered accountant has served at Nedbank for 20 years.

Her base pay will be £600,000, with short-term incentives up to a maximum of 150% of that figure. Johnson will also be placed on a long-term incentive plan, payable after three and four years based on performance, up to 250% of base pay.

Broadley has served with Old Mutual since 2008, helping steer it through the financial crisis. This saw an overhaul of its financial structure, including reducing its gearing and improving its capital and cash positions. "The group is in a very different position to today," group chief executive Julian Roberts said on the announcement of Broadley's departure.

Broadley, a former Hundred Group of Finance Directors chairman, was group FD of Prudential between 2000 and 2008. He had served as a partner at Arthur Andersen for the previous seven years.

He had been linked in the media to the RBS finance director role, a role that Nathan Bostock had held for just a few weeks before he announced his imminent departure. Instead, the RBS role went to Ewen Stevenson, who joined after serving as co-head of EMEA investment banking and global financial institutions group (investment banking division) at Credit Suisse.

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