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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now