Moyo held the position for less than a year before the board reached this conclusion.
Old Mutual announced on Friday that the company’s board has had various engagements with Peter Moyo, the CEO of Old Mutual Life and Old Mutual Life Assurance Company, that have caused the board to conclude that there has been a “material breakdown in trust and confidence” between him and the board.
As a result, the board has suspended Moyo with immediate effect and COO Iain Williamson will assume the role of acting CEO.
Moyo was appointed as CEO of Old Mutual less than a year ago. He has held senior executive or board positions in a variety of firm and served as a deputy managing director at Old Mutual, Cape Town.
Old Mutual’s Johannesburg- and London-listed shares dropped 5 percent when Moyo’s suspension was announced.