Peter Bain resigned at the end of June as the CEO of Old Mutual’s US business, Old Mutual Asset Management (OMAM.)

Chairman of OMAM, James Ritchie, will also take over as the interim CEO until a new CEO is appointed to head the asset management firm.

“Peter has successfully accomplished his mission. He has delivered on his mandates to reshape the business, develop the leadership team, and achieve the company’s listing on the New York Stock Exchange, which has enabled Old Mutual Plc to substantially achieve its stated objective of exiting its ownership of the business,” Ritchie said.

On May 22 Old Mutual announced that it had lowered its stake in OMAM to 22.4% as a result of selling off 17.3 million shares for $14.55 a share. In reality Old Mutual’s share in OMAM will be even less when Chinese conglomerate HNA Group acquires the 15% share of OMAM that it agreed to buy last March by the end of this year for $15.75 a share.

The closing price of a share of OMAM was $15.15 last Thursday.