South Africa's Old Mutual suspends CEO Peter Moyo
The suspension is over a 'breakdown in trust'.
Financial services group Old Mutual said on Friday that it has suspended CEO Peter Moyo (pictured) over a “breakdown in trust”, shocking investors and analysts as the move was unexpected.
The company said that following a series of talks, its board decided 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 [Peter] with immediate effect,” the company said in a statement.
COO Iain Williamson has taken over as acting CEO.
Moyo’s suspension surprised investors and analysts as it comes just under a year after the listing of Old Mutual following the disentangling of the 173-year-old group’s conglomerate structure last year.
The break-up, which was completed last year, split the group into a US asset manager, British wealth manager, Old Mutual and a South African bank.
Moyo rejoined Old Mutual in June 2017 as CEO of Old Mutual Emerging Markets, and later of Old Mutual, having left in 2005 to take over at Alexander Forbes.