Old Mutual CEO exits in 'conflict of interest' board dispute

25 Mai, 2019, 17:08 | Auteur: Auguste Feret
  • Trevor Manuel said at Old Mutual's AGM that the company tried to manage the conflict of interest with Peter Moyo but that it became untenable

Old Mutual's share price fell by 2.6% after the announcement of the suspension of its executive officer Peter Moyo, after an alleged "breakdown in trust" between him and the board. The company's annual general meeting was scheduled to start at 2pm.

Moyo is the chief executive of Old Mutual Limited and Old Mutual Life Assurance Company Limited.

"The decision to separate with the chief executive officer is neither the result of performance or financial misconduct related to the Old Mutual business and is purely related to the conflict of interest issue".

"Unfortunately, the board and Mr Moyo have disagreed materially on how the conflict of interest has been managed, resulting in a breakdown in the required mutual trust and confidence", it said.

Moyo rejoined Old Mutual in 2017, initially as head of its 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.

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The insurer's board, chaired by former Finance Minister Trevor Manuel, disclosed his leave hours before the 174-year-old company's annual meeting with shareholders in Johannesburg.

Both Old Mutual's Johannesburg and London-listed shares dropped 5% on news of Moyo's suspension, but recovered to R21.53 a share by 9.25, a 0.78% decline.

"Given the very little information in the announcement, it leaves room for speculation", Jan Meintjes, portfolio manager at Old Mutual investor Denker Capital, said. It was during this time that the group completed its managed separation and listed its African and emerging markets arm on the JSE.

The total came to R35 565 588.

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