Old Mutual suspends CEO

Old Mutual has suspended its CEO, Peter Moyo, citing a breakdown in trust.

“Shareholders are advised that the board has had various engagements with Mr Peter Moyo, the OML and Old Mutual Life Assurance Company Limited CEO,” the group said in a statement on Friday (24 May).

“These engagements have caused the Board to conclude that there has been a material breakdown in trust and confidence between him and the board.

“As a result, the Board has suspended the Chief Executive Officer with immediate effect.”

Chief operating officer, Iain Williamson, will assume the role of acting CEO.

Read: Old Mutual announces first financial results after JSE listing

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Old Mutual suspends CEO