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


JOHANNESBURG, May 24 (Reuters) - South Africa's No.2 insurer Old Mutual Ltd OMUJ.J 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)

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

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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