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The board came to the decision following rounds of engagements with Moyo and the company, it said in a statement on Friday. Old Mutual Chief Operating Officer Iain Williamson will step into the role of acting CEO, Old Mutual said.
Moyo has led the 174-year-old insurer for a year and is also a Nedbank Group Ltd. board member. He has held various other company board memberships, including Vodacom Group Ltd., where he was chairman, Alexander Forbes Group Holdings Ltd. and Transnet SOC Ltd., the state rail and ports company that’s at the center of corruption claims.
Old Mutual fell as much as 6% at the start of trade, the most since its Johannesburg listing in June 2018, and was 3.5% lower at R20.95 at 9:18am.
— Fifi Peters (@FifiPeters) May 24, 2019
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.