Old Mutual Terminates CEO Contract Over Conflict of Interest
June 18 2019 - 03:16AM
Dow Jones News
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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