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Old Mutual has parted ways with its CEO Peter Moyo, the company said in an update to shareholders on Friday afternoon.
The company earlier announced that Moyo had been placed on suspension.
In an updated notice, Old Mutual said its decision to part ways with Moyo was in no way related to performance or financial misconduct. The decision was purely related to "conflict of interest" matters.
"The separation was a result of a material breakdown of trust and confidence which occurred due to the management of conflicts of interest in business relations with related parties," the update read.
"These business relations pre-existed the appointment of Mr Moyo as CEO of Old Mutual and were considered at the time of the appointment to be manageable. The competing interests were regulated in the chief executive's contract of employment and were disclosed in the Old Mutual pre-listing statement and the annual financial statements."
The company said its board and Moyo had "disagreed materially" on how the conflict of interest had been managed, resulting in a "breakdown in the required mutual trust and confidence".
Old Mutual's Chief Operating Officer, Iain Williamson has been appointed as interim CEO.
The group's shares were trading at R20.97 at 14:45 on Friday, down 3.3%.
