MMI Holdings, the financial services company born from the merger of Metropolitan and Momentum, has announced the appointment of Mark van der Watt as the new CEO of Momentum Retail, one of the group’s six operating divisions.
Mark van der Watt replaces Johann Le Roux who has been the CEO of Momentum Retail for the past three years.
Nicolaas Kruger, Group CEO of MMI Holdings says “Johann le Roux has made a significant contribution to Momentum over the past thirteen years and his leadership during this merger process has been invaluable. With the key merger decisions finalised and new business structures in place, Johann has decided to take a one year sabbatical and we respect his decision and look forward to welcoming him back in future”.
“We are happy to announce Mark van der Watt as the new CEO of Momentum Retail. Mark has been with Momentum for 16 years and knows the business intimately having played various leadership roles including most recently, CEO of the insurance business in Momentum Retail,” concludes Kruger.
Mark van der Watt’s appointment is effective from 1 January 2012.
Mark van der Watt is 44 years old. He joined Momentum in January 1995 as an actuarial student and qualified as an actuary in 1999. He gained valuable actuarial valuations experience and later moved on to head up the Myriad risk product house. Mark is currently the CEO of the Insurance business in Momentum Retail, which includes Myriad, the Multiply client rewards offering and Momentum Short-term insurance. He has developed an intimate knowledge of the products, systems and distribution channels in Momentum Retail.
Momentum Retail, a division of MMI Holdings, operates in the upper income retail market and provides wealth creation and preservation, protection, savings and income products to service the needs of this segment. Momentum Short-Term Insurance (MSTI), as well as Momentum Wealth (previously part of Momentum’s Investments business), form part of Momentum Retail. Responsibility for distribution and sales for the products of certain other divisions (using financial advice channels) also resides in Momentum Retail.