Old Mutual fires CEO Moyo, again

By K24Tv Team On Fri, 23 Aug, 2019 11:50 | < 1 min read
Old Mutual's board said it would explore all reasonable alternative options but it could not have Moyo back at the helm. [PHOTO | COURTESY]
Old Mutual's board said it would explore all reasonable alternative options but it could not have Moyo back at the helm. [PHOTO | COURTESY]

By Reuters.

South African insurer Old Mutual sacked its former chief executive for a second time yesterday and said it would continue to fight his attempts to get reinstated, despite a court ruling overturning his original dismissal.

Old Mutual fired Peter Moyo in June in relation to a conflict of interest, but the High Court ruled last month he should be temporarily reinstated – a decision the insurer is seeking to appeal. 

In an open letter to shareholders who are growing frustrated with an increasingly messy public battle that has knocked the 173-year-old insurer’s reputation, the company’s board said it would explore all reasonable alternative options but it could not have Moyo back at the helm.

Moyo’s lawyer, Eric Mabuza, described the open letter as “corporate madness”, and said Old Mutual directors – who Moyo has applied to have declared delinquent – were protecting themselves rather than the company.

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