Old Mutual Limited, the parent company of Old Mutual Nigeria, has announced the suspension of its Chief Executive Officer, Peter Moyo, with immediate effect.
The South African-based company replaced Mr Moyo with Old Mutual Limited‘s chief operating officer, Iain Williamson. He will be functioning on an acting basis for the meantime.
What caused Moyo’s suspension? Although the company emphasised that the suspension is not related to performance or operational issues, it did, however, state that the decision was taken due to “material breakdown of trust and confidence” between Moyo and the board.
What this means, therefore, is that there was a breakdown in the level of trust in the course of the relationship between both parties.
Moyo’s Reaction: According to the suspended CEO, his suspension is as a result of disagreement over how the company (i.e., Old Mutual Limited) should engage with investment firm NMT Capital Group, which he founded.
He is a founding director and shareholder of NMT Capital, the private equity group backed by Old Mutual Life Assurance, which is a subsidiary of Old Mutual.
Moyo’s previous experience: He once chaired Vodacom Group, the Johannesburg-listed telecom operator. He also chaired the South African arm of insurance broker Willis; and the audit committee of the Office of the Auditor General in South Africa.
He resigned as chief executive of Alexander Forbes, the South African investment group, in 2007 over a difference of opinion with its board.
Old Mutual is listed on the Johannesburg Stock Exchange, Zimbabwe, Malawi, Namibia, and London Stock Exchanges.
Note thatOld Mutual Investment Group signed a deal with the Nigeria Sovereign Investment Authority in August 2016, to invest $700 million in hospitality, retail, commercial sectors, and food security.
The company has outfits in more than six African countries, with Nigeria being one of them.
- Old Mutual Botswana
- Old Mutual Ghana
- Old Mutual Malawi
- Old Mutual Namibia
- Old Mutual Nigeria
- Old Mutual Swaziland
- Old Mutual Zimbabwe