Old Mutual suspends its CEO Peter Moyo

accreditation

Old Mutual has suspended its CEO Peter Moyo. 

In a brief update to shareholders on Friday, the group's board said Moyo had been suspended for a "material breakdown in trust and confidence between him and the board".

Moyo is the CEO of Old Mutual Limited and Old Mutual Life Assurance Company Limited.

Iain Williamson, Old Mutual''s chief operating officer, will assume the role of acting CEO. 

The board it decided to suspend Moyo after having "various engagements" with him, but did not provide more information. 

In an email to staff, which Fin24 has seen, Old Mutual Chairperson Trevor Manuel wrote that Moyo's suspension is not related to performance, but "as a result of a conflict of interest matter related to [Moyo's] personal interests".

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
15.77
+0.7%
Rand - Pound
19.69
-0.0%
Rand - Euro
16.65
-0.0%
Rand - Aus dollar
11.09
+0.1%
Rand - Yen
0.12
-0.0%
Gold
1,846.66
0.0%
Silver
21.76
0.0%
Palladium
1,970.00
0.0%
Platinum
958.50
0.0%
Brent Crude
112.55
+0.5%
Top 40
61,000
-1.2%
All Share
67,575
-1.0%
Resource 10
72,529
+1.6%
Industrial 25
72,948
-3.9%
Financial 15
15,746
+0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot