Old Mutual has announced that Roger Jardine, the former chair of FirstRand, will succeed Trevor Manuel as its chair designate. Jardine will assume the role after the company’s annual general meeting on 5 June 2026, following a three-month handover period. Manuel, who turned 70 in January, will retire as chair after serving in the position since 2018.
According to Old Mutual’s results for the year to 31 December, adjusted headline earnings increased by 24% to R8.3 billion. The company’s board also declared a final dividend of 56 cents per share, taking the total dividend to 93 cents per share, an increase of 8% year-on-year from the 86 cents per share full distribution the prior year.
Leadership Experience
Jardine brings extensive leadership experience in financial services and the broader business environment to the role. As the former CEO of Aveng, Kagiso Media, and Primedia, he has a proven track record of strategic, governance, and operational leadership. Manuel expressed confidence that Jardine’s experience will be invaluable to Old Mutual as it continues on its ambitious path of strategic and operational renewal and enhanced value creation.
Background and Qualifications
Jardine holds a Master of Science in Radiological Physics from Wayne State University and a Bachelor of Science (BSc) in Physics from Haverford College, both in the US. He joined Old Mutual as an independent non-executive director in September 2025, after a brief foray back into politics.
Old Mutual’s results from operations rose 13% to R9.8 billion during its 2025 financial year, driven by strong performances from its life and savings unit as well as its insurance and Africa regions businesses. However, the group’s 2025 earnings picture was significantly clouded by its operations in Malawi, which is suffering from continued high inflation and foreign exchange shortages.
The following are some key highlights of Old Mutual’s financial performance:
- Adjusted headline earnings increased by 24% to R8.3 billion
- Results from operations rose 13% to R9.8 billion
- Final dividend of 56 cents per share, taking the total dividend to 93 cents per share
Notwithstanding central bank intervention to influence the exchange rate of the Malawian kwacha, Old Mutual said that if one were to assume a devaluation of the nation’s currency of between 50% and 30%, then the group’s results from operations would have increased between 7% and 9%.
