Old Mutual has suspended its chief executive Peter Moyo after losing faith in his ability to lead the business.
In a statement tothe London stock exchange, the firm said that following ‘various engagements’ with Moyo, the board concluded ‘that there has been a material breakdown in trust and confidence between him [Moyo] and the board'.
Old Mutual did not provide any further details.
Ian Williamson, chief operating officer at the firm, will assume the role of acting chief executive officer.
Moyo has led the 174-year-old South African insurer for a year and is also a Nedbank Group board member.
He re-joined Old Mutual in June 2017 initially as chief executive officer for Old Mutual Emerging Markets before talking overall control of the business. He had left Old Mutual in 2005 to take the helm at Alexander Forbes.