Old Mutual CEO resigns
LONDON (Reuters) - Insurer Old Mutual (OML.L) said on Wednesday Chief Executive Jim Sutcliffe would resign with immediate effect, and would be replaced by Julian Roberts.
A statement gave no reason for Sutcliffe's resignation. Roberts is the former head of Skandia.
In a separate statement it also said it would take writedowns of $135 million (76.5 million pounds) in the value of preferred stock of Fannie Mae (FNM.N) and Freddie Mac (FRE.N) held by Old Mutual's US life business.
(Reporting by Lorraine Turner)
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