South African insurer Old Mutual said on Friday it had appointed acting CEO Iain Williamson to the position permanently.
Williamson’s appointment ends over a year of uncertainty over who will lead one of the country’s biggest insurers following the abrupt dismissal of former CEO Peter Moyo in June 2019 after a conflict of interest dispute.
Old Mutual said it had conducted a “comprehensive” global search, but in the end had settled on Williamson, an actuary by profession.
Chairman Trevor Manuel welcomed Williamson’s appointment after a year in which he steered the insurer through significant leadership and operational challenges.
“His steady hand, strategic mind, and authentic leadership style has been both refreshing and truly welcomed,” Manuel said in a statement.
The insurer’s shares, which took a hit amid a lengthy court battle that followed Moyo’s dismissal, recouped some earlier losses to stand down 1.18% at 11.57 GMT.