Old Mutual CEO resigns as $135m US write-down announced

Roberts has been chief executive of Skandia since February 2006 and previously group finance director of Old Mutual plc. He will take on the new role with immediate effect. Sutcliffe’s resignation comes as Old Mutual announces a $153m write-down in stock held by its US life business in Fannie Mae and Freddie Mac. The write-down is a result of the Government’s bail-out of the stricken lenders over the weekend which led to a significant fall in their market value. Old Mutual says the write-down will be taken through adjusted operating profits over five years. The write-down strikes anothe...