Old Mutual ‘separates with’ Peter Moyo, but chair Trevor Manuel says his performance was not in doubt

Manuel says a long-standing conflict of interest is what caused the breakdown in the relationship, but Moyo has said he is not going quietly24 May 2019 - 18:42Old Mutual said on Friday it had parted ways with CEO Peter Moyo because of a material breakdown of trust and confidence, which occurred due to the management of conflicts of interest in business relations with related parties.

Chair Trevor Manuel said the group’s board was satisfied with suspended CEO Peter Moyo’s performance, but conflict of interest is what caused irretrievable problem. Moyo told Reuters that his suspension related to a disagreement over how the company should engage with investment firm NMT Capital, which he founded. Old Mutual Life Assurance Company, a subsidiary of Old Mutual, is an investor in NMT Capital.

“In our original engagement with Mr Moyo in June 2017, the matter was raised and covered contractually. We were mindful of it,” said Manuel adding that reference to it was on the company’s pre-listing annual financial statements. Old Mutual will have further discussions with Moyo during his suspension period, said the board’s chair of the audit committee, Nosipho Molope, and the group will update shareholders on the outcome of those engagements.

Source: Loan Digest (loandigest.net)

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