DURBAN - Pan-African investment, savings, insurance and banking group Old Mutual Limited (OML) has cited a conflict of business interests for the reason to suspend CEO Peter Moyo.
This is according to a statement by Old Mutual Limited Chairman Trevor Manuel.
The statement read:
"Pending conclusion of this and to manage it effectively, the board considered it appropriate to suspend Moyo, so releasing him from his duties and enabling the appointment of an interim chief executive officer.
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. These business relations pre-exist the appointment of Moyo as Chief Executive of OML and were considered at the time of the appointment to be manageable.