- Mar 6, 2004
https://www.moneyweb.co.za/news/companies-and-deals/old-mutual-suspends-ceo-citing-material-breakdown-in-trust/South Africa’s No 2 insurer Old Mutual Ltd 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.