He rejoined Old Mutual in 2017, initially as head of the emerging markets division, before the former conglomerate's main African financial services business was split off in a disentanglement of the 173-year-old group's structure.
Chairman Trevor Manuel, a businessman and former South African finance minister, would provide more information at the Old Mutual's Annual General Meeting, a spokeswoman said. Both Old Mutual's Johannesburg and London-listed shares dropped 5% on news of Moyo's suspension, but recovered to 21.53 rand per share by 0725 GMT in Johannesburg, a 0.78% decline.
Since its listing as a separate business in June 2018, Old Mutual has been working to hone its strategy as a stand-alone business and parent company to what remains of Old Mutual Plc. Old Mutual announced a 2 billion rand share buyback in March in a bid to placate shareholders following an almost one-third drop in the share price since the listing."Given the very little information in the announcement, it leaves room for speculation," Jan Meintjes, portfolio manager at Old Mutual investor Denker Capital, said.
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