Insurer, Old Mutual, has fired suspended CEO Peter Moyo, citing a conflict of interest with an investment firm he founded.

In a statement, the firm says Moyo’s actions, since his suspension, contravened his fiduciary duties to Old Mutual.

Moyo was suspended in May – less than a year after he took over as CEO.

Moyo was suspended by the Board after it concluded there had been a material breakdown in trust and confidence.

The Old Mutual statement says that leadership continuity has been maintained through the appointment of seasoned COO Iain Williamson, as interim CEO.