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Incoming Old Mutual CEO to pick new operating officer

Reuters

LONDON (Reuters) - One of incoming Old Mutual (OML.L) chief executive Bruce Hemphill's first tasks will be to pick a new chief operating officer, after Paul Hanratty resigned on Tuesday.

Hanratty's resignation from the Anglo-South African financial services group follows the departure of chief executive Julian Roberts earlier this year.

Roberts will be replaced in November by Hemphill, a former Standard Bank (SBKJ.J) executive.

Hemphill will choose Hanratty's successor, an Old Mutual spokesman said.

Hanratty will work and remain on the board until the company announces its preliminary results in March, Old Mutual said in a statement.

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Julian Ide, the chief executive of Old Mutual Global Investors, also left last month. Star manager Richard Buxton has taken on the chief executive role of the asset manager.

Old Mutual's share price was unchanged at 189.5 pence at 0856 GMT. The firm reported a 20 percent rise in operating profits in the first half.

(Reporting by Carolyn Cohn, editing by Louise Heavens)