June 18, 2019 / 8:54 AM / a month ago

BUZZ-Old Mutual: Fires suspended CEO, shares rise

** London-listed shares of South Africa’s second-biggest insurer Old Mutual Ltd are up 2.7%

** Old Mutual says it fires suspended CEO Peter Moyo, citing a conflict of interest with an investment firm he founded

** Co says there were problems engaging with Moyo following his suspension in May, which came less than a year after he took the over as CEO of the newly-listed insurer

** Co says the conflict of interest related to ordinary dividend payments made by NMT Capital, the investment firm Moyo founded and in which an Old Mutual subsidiary is the only institutional investor

** Shares have risen 3.2% since Moyo’s suspension in May (Reporting by Justin George Varghese in Bengaluru)

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