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Old Mutual CEO suspended

South Africa-based Old Mutual Ltd. announced that CEO Peter Moyo has been suspended due to a "material breakdown in trust and confidence" between him and the board.

"As a result, the board has suspended the chief executive officer with immediate effect," the company said, adding that COO Iain Williamson will assume the role of acting CEO.

Moyo also is CEO of Old Mutual Life Assurance Co. Ltd.