Old Mutual has suspended its Chief Executive Officer (CEO) Peter Moyo. In  a statement the company says that shareholders are advised that the Board has had various engagements with Moyo, the OML and Old Mutual Life Assurance Company Limited (OMLACSA) Chief Executive Officer.

The company says that these engagements have caused the Board to conclude that there has been a material breakdown in trust and confidence between Moyo and the Board.

As a result, the Board has suspended the CEO with immediate effect.

Iain Williamson, Chief Operating Officer (COO) will assume the role of Acting CEO.

Moyo rejoined the Old Mutual in June 2017 as Chief Executive Officer of Old Mutual Emerging Markets and later Old Mutual Limited, having left in 2005 to take the helm at Alexander Forbes.

Before joining Old Mutual, he was a Partner at Ernst & Young, where he also served on the National Executive.

Peter has held various directorships both in the public and private sector; which include chairing the Boards of Vodacom Group Limited, Willis SA Proprietary Limited, CSC SA Proprietary Limited and the audit committee of the Office of the Auditor General. He is a founding director and shareholder of an NMT Capital Group.

He currently serves on the Board of Nedbank Group Limited, Advisory Board of the University of Stellenbosch Business School and is the Chairperson of Business Against Crime South Africa.