South Africa’s financial services group, Old Mutual Limited (OML) has suspended Zimbabwean born chief executive officer Mr Peter Moyo citing a material breakdown in trust and confidence between him and the Board.
OML is parent to Old Mutual Zimbabwe.
Mr Moyo also jointly served as CEO for OML arm Old Mutual Life ASSURANCE Company Limited (OMLACSA).
“Iain Williamson, Chief Operating Officer will assume the role of acting Chief Executive Officer,” the company said on Friday.
According to a proactive report, the company’s shares fell on Friday after the abrupt announcement of Moyo’s suspension.
In 2018, Old Mutual split into four entities as it listed on the Johannesburg Stock Exchange.
These entities include Old Mutual Wealth (OMW), Old Mutual Emerging Markets (OMEM), South African lender Nedbank and US firm Old Mutual Asset Management (OMAM).
As part of the plan, the group spun off the wealth arm which was renamed Quilter PLC (LON:QLT) – and created Old Mutual Limited as a holding company which included OMEM, Nedbank and the residual parts of Old Mutual PLC.
Among benefits of the listing and slit to shareholders include access to the group’s emerging markets business directly without having to invest in the entire Old Mutual Plc package.
It was further stated that each business entity will have the opportunity to enhance their performance relative to their peers and allow the market to value them appropriately.
Moyo, who has held senior executive or board positions in a variety of big and state-owned firms, rejoined the group in June 2017, initially as head of its emerging markets division prior to the break-up and his promotion to CEO of Old Mutual Limited.
He had previously served as deputy managing director of Old Mutual, before leaving in 2005 to head up financial services group Alexander Forbes.
Equity Axis News
Raynold Mhotseka is a Journalism and Media Studies student at the University of Zimbabwe. He serves as a news writer at financial research firm, Equity Axis where he is currently on attachment.