South-African headquartered financial services company Old Mutual Limited has announced that it suspended its chief executive after a fallout with the board.
In a stock exchange announcement earlier this morning, the financial giant said that its board has had "various engagements" with chief executive Peter Moyo as it came to make its decision. Current chief operating officer Iain Williamson will serve as chief executive on an interim basis.
"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 statement read.
"...there has been a material breakdown in trust and confidence between him and the board" - Old Mutual PLC statement
While there is not any further information about what the "engagements" consisted of, the statement adds that the suspension is "effective immediately".
Last year, as reported, Old Mutual Limited split from its UK operation (its London headquarters is pictured above), Old Mutual Wealth, which has been subsequently rebranded Quilter.
Quilter now includes the former Old Mutual platform business, discretionary manager Quilter Cheviot, advice businesses Intrinsic and Quilter Private Client Advisers. Separately a management buy out led by renowned UK fund manager Richard Buxton - previously also CEO of Old Mutual Global Investors - bought part of Old Mutual's investment arm sold, and rebranded as Merian Global Investors.