May 24, 2019 / 5:57 AM / 2 months ago

S.Africa's Old Mutual suspends CEO after 'breakdown in trust'

JOHANNESBURG, May 24 (Reuters) - South Africa’s No.2 insurer Old Mutual Ltd said on Friday Chief Executive Peter Moyo had been suspended following a “material breakdown in trust” between him and the board.

“As a result, the board has suspended the Chief Executive Officer with immediate effect,” the company said in a statement, adding that Chief Operating Officer Iain Williamson would assume the role of acting CEO. (Reporting by Emma Rumney; Editing by Rashmi Aich)

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