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".