18th Oct 2019 16:43
(Alliance News) - Banking group Old Mutual Ltd on Friday said its Managing Director Karabo Morule resigned, citing personal reasons.
Morule will remain in her role for three months to assist the company with its transition to an internal successor, Old Mutual said.
The firm said: "Old Mutual is confident that its leadership bench-strength will yield a suitable successor, ensuring seamless business continuity in the best interests of clients and stakeholders."
The firm is also without a permanent chief executive since it ousted Peter Mayo in June. The former chief was suspended the month before following a "material breakdown of trust and confidence".
Iain Williamson serves as the company's acting chief executive.
Shares in Old Mutual were 1.4% lower at 106.05 pence each in London on Friday afternoon. The stock closed 9.9% lower at ZAR20.21 in Johannesburg on Friday.
By Eric Cunha; [email protected]
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