Old Mutual ‘separates with’ Peter Moyo, but chair Trevor Manuel says his performance was not in doubt
Manuel says a long-standing conflict of interest is what caused the breakdown in the relationship, but Moyo has said he is not going quietly
Old Mutual said on Friday it had parted ways with CEO Peter Moyo because of a material breakdown of trust and confidence, which occurred due to the management of conflicts of interest in business relations with related parties. “The board of Old Mutual has decided to separate with the group CEO Peter Moyo. Pending conclusion of this and to manage it effectively, the board considered it appropriate to suspend Mr Moyo, so releasing him from his duties and enabling the appointment of an interim CEO,” Old Mutual said in a Sens statement on Friday afternoon. “The decision to separate with the CEO 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,” the company said. Chair Trevor Manuel said the group’s board was satisfied with suspended CEO Peter Moyo’s performance, but conflict of interest is what caused irretrievable problem. “We must be careful never to create a straw story that he di...
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