Financial services group Old Mutual says it has suspended CEO Peter Moyo over a “breakdown in trust”.
Following a series of talks, the Old Mutual board decided that “there has been a material breakdown in trust and confidence between him and the board”.
It added to the list of bad surprises local investors had had to contend with this week, Davies said, citing Sasol’s announcement of cost overruns in the US and Massmart’s warning of a sharp decline in earnings.
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