Zimbabwean born CEO suspended by Old Mutual over ‘breakdown in trust'

Zimbabwean born CEO suspended by Old Mutual over ‘breakdown in trust'
Published: 24 May 2019 (585 Views)
Financial services group Old Mutual says it has suspended CEO Peter Moyo over a "breakdown in trust".

Following a series of talks, the Old Mutual board 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, had suspended Moyo with immediate effect, it said.

COO 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, 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.

Old Mutual undertook a major restructuring during 2018 referred to as the "managed separation". This resulted in the conglomerate reducing its stake in Nedbank, separately listing its UK Wealth division as Quilter on the London Stock Exchange, and relisting its emerging-markets business in Johannesburg under the Old Mutual brand.

- businessday

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Zimbabwe bans use of US Dollar and Rand

by Mandla Ndlovu | 24 June 2019 | 15 Views

Jonathan Moyo says Mthuli Ncube must be stripped off degree

by Mandla Ndlovu | 24 June 2019 | 19 Views

Evidence that Shonas arrived in Zimbabwe 300 years ago (1700's)

by Ndzimu-unami Emmanuel Moyo, PMP | 24 June 2019 | 9 Views

ED full speech at AU - UN summit in Vic Falls

by President ED Mnangagwa | 24 June 2019 | 9 Views

ZESA plunges Lobengula into darkness for 2 months

by Mandla Ndlovu | 24 June 2019 | 13 Views

Massive demonstrations against Mthuli Ncube planned

by Mandla Ndlovu | 24 June 2019 | 18 Views

Mthuli Ncube bans use of US Dollar and Rand

by Mandla Ndlovu | 24 June 2019 | 207 Views

Jonathan Moyo says Mthuli Ncube must be stripped of degree

by Mandla Ndlovu | 24 June 2019 | 149 Views

Chiwenga and Mnangagwa's fight reaches boiling point

by Itai Mushekwe | 24 June 2019 | 208 Views

Police arrest Harare drug syndicate

by Mandla Ndlovu | 24 June 2019 | 95 Views

Chamisa condemns Ethiopia coup attempts

by Staff Reporter | 24 June 2019 | 100 Views

Mthuli Ncube engages journalists

by Staff Reporter | 24 June 2019 | 83 Views

Zim Dollar back?

by Staff Reporter | 24 June 2019 | 131 Views

Mthuli Ncube speaks of Zim dollar imminence

by Staff Reporter | 24 June 2019 | 138 Views

The civil servants problem

by Clemen Moyo | 24 June 2019 | 88 Views

Mnangagwa poisoning; new details emerge

by Mandla Ndlovu | 24 June 2019 | 144 Views

Mthuli Ncube criminalises use of US Dollar and Rand

by Mandla Ndlovu | 24 June 2019 | 115 Views

Jilted man jailed for setting mother-in-law's house ablaze

by Simbarashe Sithole | 24 June 2019 | 90 Views

Another soldier in the suspected armed robbery nabbed

by Simbarashe Sithole | 24 June 2019 | 124 Views

Mnangagwa to open EU-UN Wildlife Economy Summit

by Staff Reporter | 24 June 2019 | 93 Views

Zimbabwe has enough forex, says Chamisa

by Staff Reporter | 24 June 2019 | 127 Views

US tells Mnangagwa to stop interfering with trade unions

by Staff Reporter | 24 June 2019 | 109 Views

Civil servants get pay rise

by Staff Reporter | 24 June 2019 | 158 Views

Nurses call off strike

by Staff Reporter | 24 June 2019 | 85 Views

Arrest thieving Zifa officials

by Staff Reporter | 24 June 2019 | 93 Views

Byo residents up in arms with Zesa

by Staff Reporter | 24 June 2019 | 76 Views

WATCH: Malawi Army steps in

by Mandla Ndlovu | 24 June 2019 | 137 Views

MDC blasts war veterans

by Simbarashe Sithole | 24 June 2019 | 69 Views

Zanu PF youths warned against abusing Mnangagwa's name

by Staff Reporter | 24 June 2019 | 67 Views

Zimbabwe has so far paid $53m to former white farmers

by Staff reporter | 24 June 2019 | 59 Views

Tongaat gazettes retail sugar prices

by Staff reporter | 24 June 2019 | 87 Views

China sends doctors to Zimbabwe

by Staff reporter | 24 June 2019 | 64 Views

Ugandan coach makes U-turn on Warriors

by Staff reporter | 24 June 2019 | 78 Views

Mthuli Ncube interacts with journalists

by Staff reporter | 24 June 2019 | 47 Views

'Moving to SA doesn’t guarantee success'

by Staff reporter | 24 June 2019 | 56 Views

Pregnant pupils divide Parliament

by Staff reporter | 24 June 2019 | 60 Views