Old Mutual Terminates CEO Contract Over Conflict of Interest

Date : 06/18/2019 @ 3:16PM
Source : Dow Jones News
Stock : Old Mutual Limited (OMU)
Quote : 125.38  1.54 (1.24%) @ 8:10PM
Old Mutual share price Chart

Old Mutual Terminates CEO Contract Over Conflict of Interest

Old Mutual (LSE:OMU)
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2 Months : From May 2019 to Jul 2019

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By Adam Clark

 

Old Mutual Ltd. (OMU.LN) said Tuesday that it has terminated the employment of Chief Executive Peter Moyo over a conflict of interest.

The South African financial-services company said Mr. Moyo failed to give an acceptable explanation over the payment of dividends from his investment firm NMT Capital while the company's debts to Old Mutual were outstanding. Mr. Moyo was suspended over the issue in May.

"Following unsuccessful attempts to engage on the terms of separation, the board has now resolved to give notice of termination of employment," Old Mutual said.

Old Mutual said it will shortly begin the process to appoint a new CEO. In the meantime, Chief Operating Officer Iain Williamson will continue to head the business.

 

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

 

(END) Dow Jones Newswires

June 18, 2019 03:01 ET (07:01 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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