Board bust-up at Old Mutual

OLD Mutual has ousted its boss after a breakdown of trust.

The south african insurance group said it had suspended Peter Moyo immediately and appointed chief operating officer Iain Williamson as acting chief executive.

Old Mutual’s board said that conflicts of interest had arisen, understood to relate to the relationship between the insurer and Moyo’s investment firm NMT Capital.

Old Mutual had invested approximately £16m in the firm, which was disclosed at the time of Moyo’s appointment.

The firms agreed that Moyo, 56, would be excluded from any decision-making regarding their relationship, but it appears this understanding broke down.