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
  -0.90p -0.84% 106.60p 106.30p 106.70p 109.05p 104.85p 104.85p 4,715,177 16:35:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0

Old Mutual Terminates CEO Contract Over Conflict of Interest

18/06/2019 8:16am

Dow Jones News


Old Mutual (LSE:OMU)
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By Adam Clark

 

Old Mutual Ltd. (OMU.LN) said Tuesday that it has terminated the employment of Chief Executive Peter Moyo over a conflict of interest.

The South African financial-services company said Mr. Moyo failed to give an acceptable explanation over the payment of dividends from his investment firm NMT Capital while the company's debts to Old Mutual were outstanding. Mr. Moyo was suspended over the issue in May.

"Following unsuccessful attempts to engage on the terms of separation, the board has now resolved to give notice of termination of employment," Old Mutual said.

Old Mutual said it will shortly begin the process to appoint a new CEO. In the meantime, Chief Operating Officer Iain Williamson will continue to head the business.

 

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

 

(END) Dow Jones Newswires

June 18, 2019 03:01 ET (07:01 GMT)

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

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