Old Mutual has suspended its CEO Peter Moyo after a “material breakdown in trust and confidence.” In a brief statement to shareholders, the South African insurer said the action followed a series of engagements between Mr Moyo and the board. Chief operating officer Ian Williamson will assume the role of acting CEO with immediate effect.
One of the linchpins of the South African economy, life insurer Old Mutual moved to London and floated in 1999 to diversify away from its base. It has made acquisitions to spread its assets subsequently but the majority of earnings still come from South Africa.
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