Day of drama as Old Mutual puts CEO on ice
Moyo, company did not see eye to eye on managing conflicts of interest
Old Mutual rattled shareholders on Friday by suspending CEO Peter Moyo, who has been in the job for less than two years. The company did not disclose specifics, but said it was not the result of poor performance or financial misconduct related to the Old Mutual business. After the announcement of Moyo's suspension, the life insurer's share price fell nearly 5% in early trading, but later narrowed losses to end the day 3.2% weaker at R21. Chair (and former finance minister) Trevor Manuel said the company's board had decided to "separate" from Moyo as "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". Moyo has held various directorships in SA over the years, including Liberty Group, Vodacom and Transnet, and is the founder and former CEO of NMT Capital, an investment holding company established in 2002. Old Mutual is an investor in NMT. The life insurer, SA's second-large...
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