Old Mutual parts ways with CEO Moyo over 'conflict of interest' | Fin24
  • Ferial Haffajee

    Why should SAA employees pay for the sins of Dudu Myeni and Jacob Zuma?

  • The Namibian Link

    Evidence is mounting that VBS Mutual Bank aided another elaborate bank heist.

  • Mobile Merger?

    Telkom has confirmed it is in talks to buy network operator Cell C.


Old Mutual parts ways with CEO Moyo over 'conflict of interest'

May 24 2019 15:10

Old Mutual has parted ways with its CEO Peter Moyo, the company said in an update to shareholders on Friday afternoon. 

The company earlier announced that Moyo had been placed on suspension.

In an updated notice, Old Mutual said its decision to part ways with Moyo was in no way related to performance or financial misconduct. The decision was purely related to "conflict of interest" matters. 

"The separation was a result of a material breakdown of trust and confidence which occurred due to the management of conflicts of interest in business relations with related parties," the update read.

"These business relations pre-existed the appointment of Mr Moyo as CEO of Old Mutual and were considered at the time of the appointment to be manageable. The competing interests were regulated in the chief executive's contract of employment and were disclosed in the Old Mutual pre-listing statement and the annual financial statements."

The company said its board and Moyo had "disagreed materially" on how the conflict of interest had been managed, resulting in a "breakdown in the required mutual trust and confidence".

Old Mutual's Chief Operating Officer, Iain Williamson has been appointed as interim CEO.

The group's shares were trading at R20.97 at 14:45 on Friday, down 3.3%. 

old mutual


Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote