Old Mutual suspends CEO, citing ‘material breakdown in trust’

Chris_the_Brit

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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.
https://www.moneyweb.co.za/news/companies-and-deals/old-mutual-suspends-ceo-citing-material-breakdown-in-trust/
 

LCBXX

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That's going to be sticky for Mr Moyo, going forward. Unless he takes up a position with whoever these interests are.
 

Gordon_R

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Surely there is a MyBB insider at OM who can tell us more... :sneaky:
It seems to be one of those jobs that is impossible to satisfy all the many stakeholders!?

I'm meeting a few actuaries for a funeral just now. Sure to pick up some gossip...

Edit: No inside news. I'm in Cape Town, so that's not close to the source.
 
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thechamp

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Gordon_R

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Allegedly clear conflict of interest with a company that he previously founded: https://www.fin24.com/Companies/old-mutual-suspended-ceo-in-dispute-over-nmt-capital-interest-20190524
When Moyo was appointed CEO in 2017, Old Mutual set up a protocol regarding an earlier R291m investment made by the company in Moyo’s NMT Capital. The new CEO would be excluded from all decision making regarding the relationship, but that deal didn’t stick, said the person, who asked not to be identified as the details aren’t public.
 

ForceFate

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Looooooooooooooooooooooong time coming.............allegedly just incompetent :).
https://businesstech.co.za/news/banking/319148/old-mutual-explains-why-it-suspended-ceo-peter-moyo-as-shares-dip/

“The separation was a result of a material breakdown of trust and confidence, which occurred due to the management of conflicts of interest in business relations with related parties. These business relations pre-exist the appointment of Mr Moyo as CEO of Old Mutual and were considered at the time of the appointment to be manageable,” Old Mutual said in a note on SENS.

“The competing interests were regulated in the chief executive’s contract of employment and were disclosed in the Old Mutual pre-listing statement and the annual financial statements. Unfortunately the Board and Mr Moyo have disagreed materially on how the conflict of interest has been managed, resulting in a breakdown in the required mutual trust and confidence.”
 

Gordon_R

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