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Share Name Share Symbol Market Type Share ISIN Share Description
Old Mutual Limited LSE:OMU London Ordinary Share ZAE000255360 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 116.92p 118.92p 119.12p - - - 0 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0.00

Old Mutual Board Suspends CEO Peter Moyo -- Update

24/05/2019 2:12pm

Dow Jones News


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--CEO Peter Moyo suspended following "material breakdown in trust and confidence"

--CEO's suspension isn't related to performance or financial misconduct

 

By Ian Walker and Adriano Marchese

 

Old Mutual Ltd. (OMU.LN) on Friday said its board has suspended chief executive Peter Moyo with immediate effect.

The South African insurer cited a "material breakdown in trust and confidence" between the board and Mr. Moyo. It didn't provide any further information at the time.

However, in a further statement later Friday the company said the breakdown was due to the management of conflicts of interest in business relations with related parties. It said that while these were known at the time of Mr. Moyo's appointment and considered to be manageable, the board and Mr. Moyo subsequently disagreed how they would be managed.

"The decision to separate with the chief executive officer 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," Old Mutual said.

The company said earlier that Chief Operating Officer Iain Williamson will assume the role of acting chief executive. Mr. Moyo has been with Old Mutual since June 2017.

 

Write to Ian Walker at ian.walker@wsj.com and Adriano Marchese at adriano.marchese@dowjones.com

 

(END) Dow Jones Newswires

May 24, 2019 08:57 ET (12:57 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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