Bonds

Old Mutual fires suspended CEO Moyo

Credit: REUTERS/Mike Hutchings

South Africa's second-biggest insurer Old Mutual said on Friday it had terminated the employment of suspended CEO Peter Moyo, following a conflict of interest related to an investment firm he founded.

JOHANNESBURG, June 18 (Reuters) - South Africa's second-biggest insurer Old Mutual OMUJ.J said on Friday it had terminated the employment of suspended CEO Peter Moyo, following a conflict of interest related to an investment firm he founded.

"Mr Moyo's actions since the suspension contravened his fiduciary duties to Old Mutual, his contract of employment and his notice of suspension," the insurer said. "Following unsuccessful attempts to engage on the terms of separation, the Board has now resolved to give notice of termination of employment."

Moyo did not immediately reply to a message seeking comment.

(Reporting by Emma Rumney, editing by Louise Heavens)

((Emma.Rumney@thomsonreuters.com; +27115952832;))

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