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South Africa’s Old Mutual suspends chief executive

Doors-700x450.jpgSouth-African headquartered financial services group Old Mutual Limited has suspended its chief executive after a fallout with the board.

In a stock exchange announcement this morning, the firm notes its board has had “various engagements” with chief executive Peter Moyo.

The firm writes: “These engagements have caused the board to conclude that there has been a material breakdown in trust and confidence between him and the board.”

The firm does not go into any further detail on the nature of the engagements, but says that the suspension is effective immediately, and that current chief operating officer Iain Williamson will serve as chief executive on an interim basis.

Last year, Old Mutual Limited confirmed that it would be split from its UK operation, Old Mutual Wealth, which was subsequently rebranded Quilter.

Quilter now includes its platform business, discretionary manager Quilter Cheviot, and advice businesses Intrinsic and Quilter Private Client Advisers, while a management buy out led by Richard Buxton saw part of its investment arm also spun off, and renamed Merian Global Investors.

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