Share

Old Mutual declines most on record after suspending CEO Moyo

Old Mutual 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.

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, where he was chairman, Alexander Forbes and Transnet, 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 09:18. by 10:30 the insurer's shares had recovered much of their earlier losses to trade 0.8% down at R21.50. 

* Fin24 contributed to this report. 

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.2%
Rand - Pound
23.84
+0.3%
Rand - Euro
20.38
+0.3%
Rand - Aus dollar
12.31
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders