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Old Mutual chief exec Bob Head resigns

Old Mutual Wealth Management chief executive Bob Head is to leave the firm.

Head has been with Old Mutual since 2003 and took up his current role in 2009 under the remit of bringing together the businesses of Skandia UK, Skandia International, Skandia Investment Group and Skandia Continental Europe.

Old Mutual says when Head took on the role it was agreed once the current stage of this transformation was met he would hand over the running of the business. He will officially leave the post in October.

Head was responsible for reducing costs at Skandia and was set a target of £45m of cuts and closing nine Skandia UK regional offices which included 250 job cuts.

The firm says Head achieved these targets 18 months ahead of schedule. Old Mutual is currently seeking a replacement.

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