South Africa: Peter Moyo's Battle With Old Mutual Is Far From Over

Photo: Old Mutual
(file photo)

Now that a high court has ruled that Peter Moyo should be reinstated as CEO, he is still gunning for Old Mutual chairman Trevor Manuel and 12 board members. Moyo wants Manuel and the directors to be declared delinquent under the Companies Act. The board could be fired, which would thrust Old Mutual into a leadership crisis.

When Peter Moyo walks into Old Mutual's swanky offices in Sandton on 31 July as the life insurer's reinstated CEO, his battle with the company's top brass will be far from over.

Although the Johannesburg High Court ordered on Tuesday 30 July that Moyo must be immediately reinstated as Old Mutual CEO because his axing was unlawful, he is still forging ahead with another court application that might further sully the reputation of the insurer's board.

In a bruising loss for Old Mutual, Judge Brian Mashile said the insurer flouted terms of its employment contract with Moyo because it didn't afford him a disciplinary hearing before he was first suspended on 23 May and fired on 18 June.

Because of this, the court rendered Old Mutual's axing of Moyo as unlawful and interdicted the insurer from appointing his successor - even though the...

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