(Bloomberg) -- Old Mutual Ltd. suspended Chief Executive Officer Peter Moyo over what its directors called a “material breakdown in trust and confidence.”

The insurer’s board, chaired by former Finance Minister Trevor Manuel, made the announcement hours before the 174-year-old company’s annual meeting with shareholders in Johannesburg without disclosing anything about alleged misbehavior. Chief Operating Officer Iain Williamson will serve as acting CEO.

The “breakdown” concerned a conflict of interest related to Moyo’s personal business, according to people who received information from the insurer. Old Mutual declined to comment immediately on any conflict of interest.

“The question is, what does this mean for Moyo’s future and if he were to leave would that mean a change in strategy,” said Bradley Preston, chief investment officer at Mergence Investment Managers, which owns Old Mutual shares.

The 56-year-old Moyo has worked in the top tier of South Africa Plc for more than a decade and has led the insurer for a year following the breakup of the group and the sell down of a stake in Nedbank Group Ltd., where he serves as a director.

This isn’t the first time he’s figured in boardroom dramas. In 2016, while chairman at Vodacom Group Ltd., Moyo tried to buy a large stake in the mobile phone company through his investment vehicle NMT Capital from Africa’s largest fund manager, Bloomberg previously reported. This deal was later scuppered.

He resigned as CEO of insurer Alexander Forbes Group Holdings Ltd. in 2007 after a disagreement with the board, and had been a board member of Transnet SOC Ltd., the state rail and ports company that’s at the center of corruption claims.

Old Mutual fell as much as 6% at the start of trade but recovered to trade down just 1% at 21.49 rand by 10:55 a.m. in Johannesburg. The company’s annual general meeting is scheduled to start at 2 p.m.

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