Old Mutual suspends CEO after 'breakdown in trust'

JOHANNESBURG - South Africa’s number two insurer Old Mutual Ltd said on Friday chief executive Peter Moyo had been suspended following a “material breakdown in trust” between him and the board.“As a result, the board has suspended the Chief Executive Officer with immediate effect,” the company said in a statement, adding that chief operating officer Iain Williamson would assume the role of acting CEO.A spokesperson for the company said Old Mutual chairperson Trevor Manuel would provide more information at the insurer’s Annual General Meeting on Friday afternoon.Moyo did not respond to a request for comment sent via LinkedIn.Moyo’s suspension comes just under a year after the listing of Old Mutual Ltd following the disentangling of the 173-year-old group’s conglomerate structure last year.The break-up, set in motion in 2016, split the group into a US asset manager, British wealth manager, Old Mutual Ltd and a South African bank.Moyo, who has held senior executive or board positions in a variety of big and state-owned firms, rejoined the group in June 2017, initially as head of its emerging markets division prior to the break-up.He had previously served as deputy managing director of Old Mutual, before leaving in 2005 to head up financial services group Alexander Forbes.
Read More