A sign makes the entrance to Old Mutual Plc's company headquarters in Johannesburg, South Africa, on Monday, Aug. 23, 2010. HSBC Holdings Plc, Europe's largest bank, is in exclusive talks to buy a controlling stake in Nedbank Group Ltd., the South African banking unit of Old Mutual Plc, to benefit from business ties between Asia and Africa. (Photographer: Nadine Hutton/Bloomberg) A sign makes the entrance to Old Mutual Plc's company headquarters in Johannesburg, South Africa, on Monday, Aug. 23, 2010. HSBC Holdings Plc, Europe's largest bank, is in exclusive talks to buy a controlling stake in Nedbank Group Ltd., the South African banking unit of Old Mutual Plc, to benefit from business ties between Asia and Africa. (Photographer: Nadine Hutton/Bloomberg)

Old Mutual Ltd. plans to fire Chief Executive Officer Peter Moyo after suspending him due to a conflict of interest.

The board gave Moyo a “notice of termination of employment” and will “shortly” start the process to find his replacement, the Johannesburg-based insurer said in a statement. Chief Operations Officer Iain Williamson will continue as acting CEO.

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