South Africa: Manuel Spurns Old Mutual Shareholder Calls to Step Down Over Moyo Fiasco

Old Mutual in Johannesburg.

Old Mutual chairman Trevor Manuel said the board will not resign over its handling of the axing of Peter Moyo as CEO 'unless there is just cause' to do so.

Old Mutual chairman Trevor Manuel has spurned shareholder calls for him and other board members to resign over the axing of Peter Moyo as CEO, which has resulted in embarrassing court drubbings for the insurer and wiped off R8-billion from its market capitalisation.

On Friday 13 September at a media and staff briefing, Manuel publicly broke his silence since Old Mutual fired Moyo on 18 June and was reinstated by a High Court order on 30 July, saying the insurer's board believes it handled the dust-up with Moyo "as best as it could."

The former finance minister, who was re-elected to Old Mutual's board by shareholders at the company's annual general meeting on 23 May 2019 along with 14 non-executive directors, said the board would not step down "unless there is just cause" to do so.

Moyo's nearly three-month-long fight to get his job has become a highly embarrassing turn of events for Old Mutual, SA's second-largest life insurer.

To recap: Moyo was suspended on 23 May 2019 due to...

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