Update: Suspension of Old Mutual Limited Chief Executive Officer
Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
JSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or “Company”)
24 May 2019
UPDATE: SUSPENSION OF OLD MUTUAL LIMITED CHIEF EXECUTIVE OFFICER
The Board of Old Mutual (“Board”) has decided to separate with the Group CEO,
Peter Moyo. Pending conclusion of this and to manage it effectively, the Board
considered it appropriate to suspend Mr Moyo, so releasing him from his duties
and enabling the appointment of an interim chief executive officer.
The separation was a result of a material breakdown of trust and confidence,
which occurred due to the management of conflicts of interest in business
relations with related parties. These business relations pre-exist the
appointment of Mr Moyo as CEO of Old Mutual and were considered at the time of
the appointment to be manageable.
The competing interests were regulated in the chief executive’s contract of
employment and were disclosed in the Old Mutual pre-listing statement and the
annual financial statements. Unfortunately the Board and Mr Moyo have disagreed
materially on how the conflict of interest has been managed, resulting in a
breakdown in the required mutual trust and confidence.
The decision to separate with the chief executive officer is neither the result
of performance or financial misconduct related to the Old Mutual business, and
is purely related to the conflict of interest issue.
The board has appointed Old Mutual’s Chief Operating Officer, Iain Williamson,
as acting Chief Executive Officer. Iain is a seasoned executive at Old Mutual
and we are confident that he will provide the appropriate stewardship during
Johannesburg Stock Merrill Lynch South Africa (Pty) Limited
Namibia PSG Wealth Management (Namibia) (Proprietary)
Zimbabwe Imara Capital Zimbabwe plc
Malawi Stockbrokers Malawi Limited
Sizwe Ndlovu T: +27 (0)11 217 1163
Head of Investor Relations E: email@example.com
Tabby Tsengiwe T: +27 (11) 217 1953
Head of Communications M: +27 (0)60 547 4947
Notes to Editors
About Old Mutual Limited
Old Mutual is a premium African financial services group that offers a broad
spectrum of financial solutions to retail and corporate customers across key
markets segments in 17 countries. Old Mutual's primary operations are in South
Africa and the rest of Africa, and it has niche business in Asia. With over 170
years of heritage across sub-Saharan Africa, we are a crucial part of the
communities we serve and broader society on the continent.
For further information on Old Mutual, and its underlying businesses, please
visit the corporate website at www.oldmutual.com.
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