Old Mutual suspends CEO Moyo due to 'breakdown in trust'

South Africa-based financial services company Old Mutual said on Friday that it has suspended chief executive officer Peter Moyo with immediate effect due to a "breakdown in trust".

Old Mutual said it had had "various engagements" which "have caused the board to conclude that there has been a material breakdown in trust and confidence between him and the board".

Chief operating officer Iain Williamson will assume the role of acting CEO.