Mark Satchel will become Corporate Finance Director and act as Deputy to Tim. Mark will remain a member of the Old Mutual Wealth Executive Committee and a Director of the Old Mutual Wealth Board.
George Reid takes over from Tim as Interim Chair of the Old Mutual Wealth Board’s Audit Committee. Old Mutual Wealth will commence a search for an Independent Non-Executive Director to replace Tim as Chair of the Board’s Audit Committee.
Tim brings significant financial services experience to Old Mutual Wealth. He has worked at Board level in financial services for over 20 years and has been responsible for managing a large number of significant business transformation and strategic projects, capital markets activity and other corporate actions. Most recently, Tim was Chief Financial Officer of Friends Life Group (2012-15). Prior to this his roles included six years at Lloyds Banking Group plc, including being Group Finance Director from 2008-12; Finance Director (UK and Europe) at Prudential plc from 2002 to 2007, and Group Finance Director at Heath Lambert Group.
Tim will work with Mark to prepare the business for the planned demerger and a listing on the London and Johannesburg Stock Exchanges, as part of Old Mutual plc’s Managed Separation process.
Mark has been a pivotal member of the Old Mutual Wealth Executive Committee for many years. He has played an instrumental role in implementing Old Mutual Wealth’s successful business model, helping shape the footprint of its organisation, which has ultimately delivered sustainable profit growth.
Paul Feeney said: "I am delighted that Tim has agreed to join the executive team. He brings a wealth of capital markets, regulatory and operating experience with large publicly listed financial services companies. I believe that working together, Tim and Mark will support the business through the next phase of our corporate journey as well as building on the positive momentum we have achieved. We will be seeking to appoint a further non-executive director in due course, given Tim’s executive appointment.”
Tim Tookey said: "I am excited to be joining Old Mutual Wealth in a full time executive capacity as it moves into this next important phase of its evolution. Old Mutual Wealth is a unique and successful wealth management business. I look forward to working with Paul, Mark, the leadership team and Old Mutual plc as we prepare this business for an independent future.”
Glyn Jones, Independent Non-Executive Chairman of Old Mutual Wealth added: “Old Mutual Wealth has taken another positive step in its preparation for Managed Separation. Tim has a proven track record in senior roles in finance for publicly listed companies. I look forward to working further with Tim and Mark in their new roles.”
Notes to Editors
Tim brings a wealth of financial services experience to Old Mutual Wealth. He has worked at board level in financial services for over 20 years and has been responsible for managing a large number of significant business transformation and strategic projects, mergers and acquisitions. Most recently, Tim was Chief Financial Officer of Friends Life Group (2012-15). Prior to this his roles included six years at Lloyds Banking Group plc, including being Group Finance Director from 2008-12; Finance Director (UK and Europe) at Prudential plc from 2002 to 2007, and Group Finance Director at Heath Lambert Group. Tim worked at Heaths from 1996 to 2002 leading the management buy-out of CE Heath plc in 1997 and the public takeover of Lambert Fenchurch plc in 1999. Tim worked at KPMG from 1985 to 1996, specialising in corporate finance advisory work and audit. Tim is currently a Non-Executive Director of Old Mutual Wealth, a position he has held since February 2017, and is a Non-Executive Director of Nationwide Building Society, where he chairs the Board Risk Committee and is a member of certain other board committees including the Audit Committee.
Mark joined Old Mutual in the UK in January 2000 and has held numerous leadership positions within the finance function at Old Mutual plc and in the operating business units. He joined the Board of Old Mutual Wealth in 2010 on his appointment as Chief Financial Officer to the business (then branded ‘Skandia’). Mark has been responsible for the disposal of nine businesses in Continental Europe, and played a lead role in the acquisition of Intrinsic and Quilter Cheviot. He was instrumental in implementing Old Mutual Wealth’s successful business model and helped scope the footprint of the business which has led to the development of a business that is now fit for an independent listing. Prior to his current role, Mark was Chief Financial Officer for Skandia's Europe & Latin America Division, and before that he spent a year in Sweden on the integration of Skandia into Old Mutual. Mark qualified as a Chartered Accountant in South Africa, and worked for KPMG in both South Africa and Canada prior to moving to the UK.