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South Africa: Peter Moyo Suspended as CEO of Insurance Giant Old Mutual

Cape Town — Peter Moyo, the chief executive of Old Mutual Limited and Old Mutual Life Assurance Company Limited, has been suspended by the Old Mutual Board who said the decision was based on the "breakdown in trust" between Moyo and the board.

Moyo rejoined Old Mutual in June 2017 as CEO of Old Mutual Emerging Markets, and later of Old Mutual, having left in 2005 to take over at Alexander Forbes.

According to the company's remuneration report for December 2018, Moyo's total compensation increased by 32% to R50.5 million. The biggest contributor to the increase was the managed separation incentive plan, for which he was awarded R15.4 million.

Moyo has also served in various directorships both in the public and private sector. Before he joined the Old Mutual, he was a partner at Ernst & Young, and served on the national executive.

Old Mutual's Chief Operating Officer Iain Williamson has taken over as acting CEO until further notice.

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