South Africa’s Old Mutual suspends CEO after ‘breakdown in trust’

[Bulls n Bears]

 <mailto:info at bulls.co.zw> 

 

 

 

South Africa’s Old Mutual suspends CEO after ‘breakdown in trust’

South Africa’s No.2 insurer Old Mutual said on Friday Chief Executive Peter Moyo had been suspended following a “material breakdown in trust” between him and the board.

“As a result, the board has suspended the Chief Executive Officer with immediate effect,” the company said in a statement, adding that Chief Operating Officer Iain Williamson would assume the role of acting CEO.

A spokeswoman for the company said Old Mutual Chairman Trevor Manuel would provide more information at the insurer’s Annual General Meeting on Friday afternoon.

Moyo did not respond to a request for comment sent via LinkedIn.

Moyo’s suspension comes just under a year after the listing of Old Mutual Ltd following the disentangling of the 173-year-old group’s conglomerate structure last year.

The break-up, set in motion in 2016, split the group into a U.S. asset manager, British wealth manager, Old Mutual Ltd and a South African bank.

Moyo, who has held senior executive or board positions in a variety of big and state-owned firms, rejoined the group in June 2017, initially as head of its emerging markets division prior to the break-up.

He had previously served as deputy managing director of Old Mutual, before leaving in 2005 to head up financial services group Alexander Forbes.-CNBC

 

 

Invest Wisely!

Bulls n Bears 

 

Telephone:    <tel:%2B263%204%202927658> +263 4 2927658

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:    <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:        <http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

Blog:            <http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:                  @bullsbears2010

LinkedIn:               Bulls n Bears Zimbabwe

Facebook:      <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190524/b6b3815f/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190524/b6b3815f/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 29391 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190524/b6b3815f/attachment-0003.jpg>