Momentum and Metropolitan announced, on 18 November, the business structure and leadership team for MMI Holdings Limited (MMI), in the proposed merger between these two insurance-based financial services companies. After completing one of the most comprehensive due diligence processes in South African corporate history and gaining all the requisite regulatory approvals, MMI will form the third largest listed insurer in South Africa, with an embedded value of around R30 billion. The Group is set to list on the JSE Limited on 1 December 2010.
To ensure fairness, the appointment of MMI’s executive committee was based on predetermined and mutually agreed principles between Metropolitan and Momentum. The process was jointly managed by MMI’s CEO and Deputy CEO, Nicolaas Kruger and Wilhelm van Zyl.
MMI Holdings CEO, Nicolaas Kruger, says “This was a comprehensive and consultative process where both Momentum and Metropolitan business unit heads provided input and direction for the new structure through a guided strategic planning process.” As a result, it was decided that, in addition to the various corporate services, the various businesses of the group would be combined into six primary business clusters, namely Momentum Retail, Metropolitan Retail, Investments, Employee Benefits, Health and International.
“Diversity was and will remain one of the key principles in forming the MMI exco and we are pleased to have a strong team to lead the Group in its initial stages,” Kruger added.
The MMI Holdings Executive Committee is:
Nicolaas Kruger – Chief Executive Officer;
Wilhelm van Zyl – Deputy Chief Executive Officer;
Preston Speckmann – Group Finance Director;
Morris Mthombeni – CEO: Investments and Executive Director; Blum Khan – CEO: Health;Etienne de Waal – CEO: Employee Benefits; Mervyn Cookson – CEO: International; Phillip Matlakala – CEO: Metropolitan Retail; Johann le Roux – CEO: Momentum Retail; Nigel Dunkley – CEO: Balance Sheet Management; Danie Botes – Chief Integration Officer; and Dan Moyane – Branding and Communication.
Wilhelm Van Zyl will oversee four business units: Investments, Health, Employee Benefits and International.
To oversee the process of integrating the two businesses, the position of Chief Integration Officer has been created, and he will be responsible for unlocking synergies while integrating systems, processes and products in close collaboration with the business unit CEOs. Through the integration process, Danie will build the optimum foundation for growth for MMI Holdings.
Morris Mthombeni, announced in August as an executive director of MMI Holdings, will be responsible for the Investments Division as well as RMB Asset Management and Metropolitan Asset Managers. Deon Gouws (currently CEO of RMB Asset Management) will relocate to London to join the RMB Asset Management international team as an international business strategist. Robert Walton (currently MD of Metropolitan’s asset management business) will take responsibility for all MMI’s collective investment businesses and retail multi-management.
“The next step for MMI Holdings is to refine our group strategy, vision and values to provide direction and a common platform for growth. Close collaboration between the business units will realise the full potential of MMI’s key strategic initiatives, such as cross-selling products and expanding our product range and activities in Africa. I have full confidence in MMI’s leadership and its people to successfully integrate the businesses and take advantage of the exciting opportunities that lie in store for MMI,” concludes Kruger.Email this article to a friend.