BusinessLive reports that Old Mutual has fired its CEO, Peter Moyo, weeks after announcing his suspension over a conflict of interest.  

The financial services group said on Tuesday:  “The board wishes to inform stakeholders that Mr Moyo has, on 17 June 2019, been given notice of termination of employment.”  Moyo was suspended in late May over a disagreement as to how the company should engage with investment firm NMT Capital, which he founded and in which Old Mutual Life Assurance Company, a subsidiary of Old Mutual, is an investor.  The group confirmed on Tuesday that Moyo’s conflicting interest in the NMT group of companies had been declared.  But, in the second half of 2018, board members requested a report on his related-party transactions, and this led to “various concerns”, including two declarations of ordinary dividends by NMT Capital during 2018, with Moyo’s share being R30.6m.  These dividends were declared in breach of Old Mutual’s rights as preference shareholder.  Old Mutual said it would soon start the search for a new CEO and, in the meantime, Iain Williamson would continue to act as CEO.

• Read the full original of Nick Hedley’s report on this story at BusinessLive

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