Old Mutual CEO resigns; sees $135 million writedowns
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| Posted
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Wed, 10 Sep 2008 07:00:39 GMT |
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Reuters |
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US (Business) |
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LONDON (Reuters) - British insurer Old Mutal said on Wednesday Chief Executive Jim Sutcliffe would resign with immediate effect, and would be replaced by Julian Roberts.A statement gave no reason for Sutcliffe's resignation. Roberts is the former head of Skandia.In a separate statement it also said it would take writedowns of $135 million in the value of preferred stock of Fannie Mae and Freddie Mac held by Old Mutual's US life business.(Reporting by Lorraine Turner)
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