Old Mutual CEO resigns after facing writedowns

Jim Sutcliffe, chief executive of London-based financial services company Old Mutual, has resigned from the firm after it reported it would face heavy writedowns in its US life insurance division, US Life. Julian Roberts has been appointed as the firm's new chief executive. Roberts was chief executive of Skandia, the company's European insurance subsidiary, and previously group finance director of Old Mutual. The announcement on September 7 that the US government had nationalised mortgage

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