On Monday, Old Mutual confirmed that Hemphill joined as executive director of the company from 1 November.
News emerged in April that the company had snagged Hemphill to succeed Julian Roberts.
Roberts ceased to be an executive director of the company on 31 October and remains available to Old Mutual until 14 April next year.
Hemphill was previously chief executive of the wealth, insurance and non-bank financial services arm at Standard Bank Group.
Between June 2006 and February 2014, he was chief executive of Liberty Group, an African financial services group listed on the JSE stock exchange in Africa.
“My initial focus will be visiting the individual businesses within the group; building a detailed knowledge of those businesses and their management; and meeting staff, customers and other stakeholders,” Hemphill said in a statement.
“I look forward to sharing my observations in the second quarter of 2016.”