BusinessLive reports that Old Mutual has suspended its CEO Peter Moyo after the board of the financial services group decided that “there has been a material breakdown in trust and confidence between him and the board”.
The board, chaired by former finance minister Trevor Manuel, suspended Moyo with immediate effect. Chief Operating Officer Iain Williamson has taken over as acting CEO. Moyo rejoined Old Mutual in June 2017 as CEO of Old Mutual Emerging Markets, and later of Old Mutual, after having left in 2005 to take over at Alexander Forbes. According to Old Mutual’s remuneration report for the year ended December 2018, Moyo’s total compensation increased by 32% to R50.5m. The biggest contributor to the increase was the managed separation incentive plan, for which he was awarded R15.4m.
- Read the original of a short report by Nick Hedley at BusinessLive
Get other news reports at the SA Labour News home page