South Africa: Shareholders to Old Mutual Board - Fix the Drawn-Out Moyo Impasse

Photo: Old Mutual
(file photo)

For the first time, the insurer's institutional shareholders have voiced their concerns about the punch-up between Old Mutual and axed CEO Peter Moyo, which is playing out before the high court in Johannesburg. Shareholders have told the board to find a resolution to the protracted impasse and even consider a financial settlement. But they remain divided on the latter.

As the impasse between Old Mutual and axed CEO Peter Moyo intensifies in court over whether he can get his job back, the insurer's largest institutional shareholders have asked it to get its house in order.

In what is shaping up to be a nasty punch-up between both parties, Old Mutual shareholders have raised concerns about the "sloppy" manner in which the board has handled Moyo's sacking from South Africa's second-largest insurer.

Asking not to be named, a representative of an asset management firm which is an Old Mutual shareholder, told Business Maverick:

"We are concerned about the sloppy way the board has managed the dispute. Damaging things have been said publicly from both sides. Instead of finding a solution to the impasse, the board keeps fighting him in court."

To recap: Moyo was suspended on 23 May 2019, hours before...

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