South Africa’s second largest insurer Old Mutual suspended its chief executive Peter Moyo following a “material breakdown in trust” between him and the board.

“As a result, the board has suspended the Chief Executive Officer with immediate effect,” the company said in a statement, adding that Chief Operating Officer Iain Williamson would assume the role of acting CEO.

Moyo is the CEO of Old Mutual Limited and Old Mutual Life Assurance Company Limited.

Iain Williamson, Old Mutual”s chief operating officer, will assume the role of acting CEO.

In an email to staff, Old Mutual Chairperson Trevor Manuel wrote that Moyo’s suspension is not related to performance, but “as a result of a conflict of interest matter related to [Moyo’s] personal interests”.