Old Mutual Board Suspends CEO Peter Moyo -- Update
May 24 2019 - 09:12AM
Dow Jones News
--CEO Peter Moyo suspended following "material breakdown in
trust and confidence"
--CEO's suspension isn't related to performance or financial
misconduct
By Ian Walker and Adriano Marchese
Old Mutual Ltd. (OMU.LN) on Friday said its board has suspended
chief executive Peter Moyo with immediate effect.
The South African insurer cited a "material breakdown in trust
and confidence" between the board and Mr. Moyo. It didn't provide
any further information at the time.
However, in a further statement later Friday the company said
the breakdown was due to the management of conflicts of interest in
business relations with related parties. It said that while these
were known at the time of Mr. Moyo's appointment and considered to
be manageable, the board and Mr. Moyo subsequently disagreed how
they would be managed.
"The decision to separate with the chief executive officer is
neither the result of performance or financial misconduct related
to the Old Mutual business, and is purely related to the conflict
of interest issue," Old Mutual said.
The company said earlier that Chief Operating Officer Iain
Williamson will assume the role of acting chief executive. Mr. Moyo
has been with Old Mutual since June 2017.
Write to Ian Walker at ian.walker@wsj.com and Adriano Marchese
at adriano.marchese@dowjones.com
(END) Dow Jones Newswires
May 24, 2019 08:57 ET (12:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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