Suspended Old Mutual CEO Peter Moyo denies wrongdoing
The financial services group says there has been ‘a material breakdown in trust and confidence between Peter Moyo and the board’
Old Mutual CEO Peter Moyo said on Friday his suspension from the company related to a disagreement over how the company should engage with investment firm NMT Capital, which he founded. Old Mutual Life Assurance Company, a subsidiary of Old Mutual, is an investor in NMT Capital. Moyo, who previously served as CEO of NMT Capital and remains a nonexecutive director, said the relationship between the companies had always existed and been properly disclosed. “There is actually absolutely no wrongdoing on my part,” he said. Old Mutual said earlier it had suspended Moyo over a “breakdown in trust”, following a series of talks. The Old Mutual board, chaired by former finance minister Trevor Manuel, had suspended Moyo with immediate effect, it said. Manuel will provide more information at the Old Mutual’s AGM on Friday afternoon, a spokeswoman said. The group’s COO, Iain Williamson, has taken over as acting CEO. The announcement of Moyo’s suspension was “totally unexpected”, said Cratos Cap...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.