Bruce Hemphill, 51, chief executive of wealth, insurance and non-bank financial services at Standard Bank Group, the largest African banking group by assets and earnings, has been appointed to the role.
Current group chief executive Julian Roberts will remain in the job until Mr Hemphill's start date, which is anticipated to be during the fourth quarter of 2015. He will be an executive director, based in London and will receive an annual base salary of £900,000.
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Mr Hemphill said: "I am excited to be appointed as chief executive of Old Mutual. Old Mutual is a very strong international business with excellent potential. I am looking forward to leading the executive team and the group in the next stage of its development."
From June 2006 to February 2014, he was chief executive of Liberty Group, an African financial services group listed on the JSE. Before joining Liberty, he held a number of roles in asset management and banking.
Julian Roberts said: "It has been a great privilege to be chief executive of Old Mutual for the past seven years. During that time, a great deal has been achieved at the group and I am very pleased that I will be leaving the company in such capable hands both in terms of the new CEO and the people who will support him."
Patrick O'Sullivan, group chairman, said: "I am delighted that we are able to appoint such a uniquely qualified individual to succeed Julian and build upon his record of success.
"Bruce will bring experience as a chief executive of a public company combined with an in-depth knowledge of investments, savings, insurance and banking. He also has a deep understanding of the South African and wider African financial services environment.
"With this appointment, Old Mutual is well placed to continue its growth and further develop its strategy.
"I would like to pay tribute to Julian for all that he has achieved at Old Mutual, particularly as group chief executive from September 2008. Under his expert leadership, the group recovered from the challenges of the financial crisis and today is a resilient business, which has delivered a substantial increase in shareholder value and dividends with a significantly lower level of debt. It is now well positioned for the future and fully focused on helping our customers meet their financial goals."