(Ecofin Agency) - On May 24, 2019, JSE-listed Old Mutual, the second largest insurance company in South Africa, announced the suspension with immediate effect of Peter Moyo (photo), the managing director. According to the announcement, this suspension is due to a substancial disagreement with the administrative board. According to Manuel Trevor, president of the administrative board, more details will be provided later on this suspension.
Today May 24, the company’s share opened the trading day with -1.57% loss after two consecutive days in the red.
Peter Moyo came back to Old Mutual in 2017 after various positions in renowned public and private institutions. He will be temporarily replaced by the operations manager.