Insurance group announced on Friday that it suspended CEO Peter Moyo with immediate effect over a “breakdown in trust”.
However, according to a statement by its Chairperson, Trevor Manuel his suspension is due to “a conflict of interest matter related to Peter’s personal reasons.”
It’s now unclear whether or not Manuel will provide more information on Moyo’s suspension on Friday at the insurer’s Annual General Meeting as stated by an Eyewitness report.
Moyo left in 2005 to head Alexander Forbes and rejoined the group in June 2017 as Old Mutual Emerging Markets CEO and later as CEO of Old Mutual.
His suspension comes a year under after the listing of Old Mutual Ltd following last year’s restructuring by the group dubbed the “managed separation”. This led to the 173-year-old group’s conglomerate structure reducing its stake in Nedbank, relisting its emerging-markets business in Johannesburg under the Old Mutual brand and separately listing its UK Wealth division as Quilter on the London Stock Exchange, read a TimesLIVE report.
Chief operating officer Iain Williamson will take over the reins as acting CEO.