Embattled Old Mutual chief executive Peter Moyo has today been shown the door.
The company board had on May 23 suspended Moyo, stating that there had been a material breakdown in trust and confidence. Group Chief Operating Officer Iain Williamson was then appointed as acting chief executive officer.
Moyo’s suspension was revealed to be over how he handled a conflict of interest in relation to his investments in the NMT group of companies.
He had served as NMT CEO prior to joining Old Mutual.
“There is a duty on directors of all institutions to be vigilant regarding the management of conflicts of interest. The importance of this duty has been highlighted by a number of recent corporate governance breakdowns within both the private and public sector,” Old Mutual board chairman Trevor Manuel noted.
Williamson will continue serving as CEO on an interim capacity, before a final decision is made.
