Old Mutual shares slide on news CEO Peter Moyo suspended

By Ana Monteiro

(Bloomberg) – Old Mutual Ltd. shares fell the most on record after it suspended Chief Executive Officer Peter Moyo following a “material breakdown in trust and confidence” between him and the insurer’s board.

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.

Also read: Old Mutual completes ‘Managed Separation’ – R50bn distribution to shareholders

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.

(Visited 16 times, 2 visits today)