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South Africa-based Old Mutual Ltd. said that it has suspended Peter Moyo, the insurer's chief executive, due to a "material breakdown in trust and confidence between him and the board," City A.M. reported. The insurer's board of directors has appointed Iain Williamson, Old Mutual's chief operating officer, to fill the role temporarily. Peter Moyo served as CEO of Old Mutual Ltd. and Old Mutual Life Assurance Co. Ltd.