He will be replaced by Glyn Jones as the independent non-executive chairman of the Old Mutual Wealth board, subject to regulatory approval. Hemphill will remain as a director.
In March, Hemphill introduced plans to split the group into four standalone businesses: Old Mutual Emerging Markets, its South African businesses; banking arm, Nedbank; Old Mutual Wealth, its UK business; and New York-based Old Mutual Asset Management.
He said at the time: “Our new strategy will allow each business to have simpler access to capital markets to fund its growth more easily and be valued more appropriately, with more straight forward regulatory arrangements”.
According to various media reports earlier this month, the group is considering dropping plans for listing Old Mutual Wealth, because of escalating costs from the upgrade of its investment platform.
However, the group stressed its intention to deliver Old Mutual Wealth "into the hands of its shareholders" by way of a demerger and listing in both London and Johannesburg.
Jones is presently chairman of Aspen Insurance Holdings, a New York Stock Exchange listed business, and the Chairman of Aldermore Group, the challenger bank that went public in 2015 on the London Stock Exchange.