Julian Roberts, CEO of Africa's largest insurer Old Mutual, stepping down

Julian Roberts, Chief Executive Officer of Old Mutual Plc. Photographer: Peter Foley/Bloomberg

Old Mutual Plc’s Julian Roberts is stepping down as chief executive officer of Africa’s biggest insurer and will be replaced by Standard Bank Group Ltd.’s Bruce Hemphill.

Roberts, 57, is resigning after almost seven years leading the London-based company, and will stay on until the fourth quarter, Old Mutual said in a statement Wednesday.

Since becoming CEO in 2008 during the global financial crisis, Roberts has sold assets, overseen an initial public offering for the insurer’s U.S. asset management business and paid down debt.

Old Mutual, formed in South Africa more than 150 years ago, has made acquisitions in the rest of the continent as it focuses on emerging markets to boost profit.

Read more: Old Mutual CEO Julian Roberts Stepping Down – Bloomberg Business.