The appointments give Old Mutual more than 30% female representation on its board.
Cruz has extensive experience of international financial markets and asset management and was previously co-president of Morgan Stanley. Her appointment strengthens Old Mutual's chance of listing its US asset management business.
Asked about the appointment of Cruz, Old Mutual said: "We have always said there are a number of hurdles that need to be met as we explore the possibility of an initial public offering of the US asset management business, and that remains the case. Obviously Zoe has considerable relevant experience of this industry.
"The appointment of Zoe is an indication of the calibre of people that Old Mutual can now attract. Zoe understands our growth story and wants to be part of it," the company said.
Old Mutual said Ighodaro's experience of operating in and investing in sub-Saharan Africa would prove invaluable as the insurer built its businesses in West Africa and East Africa.
Ighodaro is a partner at private equity firm Actis.
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