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Old Mutual chief Head leaving after hitting his £45m cost-cutting target

Old Mutual Wealth Management chief executive Bob Head is leaving the firm after achieving his target to cut costs by £45m.

He joined Old Mutual in 2003 as corporate development director and became group director for southern Africa. He was appointed chief executive in 2009.

His remit was to bring together the businesses of Skandia UK, Skandia International, Skandia Investment Group and Skandia Continental Europe. Head was responsible for cutting costs at Skandia by £45m and closing nine Skandia UK regional offices, which involved 250 job cuts. He aimed to achieve this by the end of 2012.

Old Mutual says when Head took on the role, it was agreed he would hand over the running of the business once he achieved these targets.

The company says as Head achieved these targets 18 months ahead of schedule, he will leave in October.

Old Mutual is currently seeking a replacement.

Long-term savings chief executive Paul Hanratty says: “Bob has been a leader and a major contributor to the Old Mutual Group both in South Africa and Europe in a variety of roles and he will be missed.

“We would like to thank Bob for his significant contributions to the group and wish him continued success.”

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