Old Mutual wants new CEO within months; shares drop after earnings
JOHANNESBURG – The board of South Africa’s Old Mutual likely wants to have appointed a new chief executive within a few months, interim CEO Iain Williamson said on Monday, when the insurer announced its full-year results and its shares dropped 8.5%.
Old Mutual said full-year adjusted profit rose 7%, versus the already flagged expected increase of up to 9% – which it attributed mostly to higher returns on invested capital due to an improved market, as opposed to performance.
The company’s share drop comes after the stock sunk in 2019 partly due to a spat with former boss Peter Moyo over his abrupt sacking in June following a dispute over a conflict of interest.
Source: iol.co.za
