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BL Premium reports that Old Mutual’s outgoing CEO Iain Williamson has signed a two-year ‘non-compete’ deal with the group, in a move that is likely to see him being compensated in respect of the agreement.
Most companies have restraint of trade agreements with their senior executives, but a two-year agreement is not the norm. Williamson surprised the market when he announced he would take early retirement and step down from the role of group CEO at the age of 55. Itumeleng Kgaboesele, chair of the company’s remuneration committee, indicated: “Iain will step down from his CEO role at the end of August 2025. Iain has agreed to sign a restraint of trade agreement which will be effective from 1 September 2025 to 31 August 2027. Further detail will be disclosed in the 2025 Remuneration Report.” Williamson came to the CEO role at a difficult period for the group after it dismissed its former CEO Peter Moyo over conflict of interest concerns – in a public and ugly spat. The board is considering internal and external candidates to identify a new CEO to lead the company “through its next phase of growth and innovation”. The imminent departure of Williamson leaves the board with a lot of work to do to fill two key roles, with the group’s CFO having reached retirement age. The company in October said Casper Troskie had agreed to remain as CFO until April 2027.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
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