South Africa: Moholi's Abrupt Exit From Old Mutual Board Points to Divisions Over Moyo Battle

Old Mutual in Johannesburg.
analysis

There are strong suggestions that the Old Mutual board is not united about how the high-profile axing of Peter Moyo as CEO was handled. As the spat between Old Mutual and Moyo drags on, Nombulelo 'Pinky' Moholi is the first board member to resign, a year before her term ends in 2020.

Old Mutual director Nombulelo "Pinky" Moholi has walked out from the board of SA's second-largest insurer, a move that might suggest that the previously 14-member board is divided about how to handle the tumultuous ousting of Peter Moyo from his position as CEO.

Moholi, a non-executive director who sat on Old Mutual's board for seven years and chaired the remuneration committee, resigned with immediate effect on 18 September citing "personal reasons."

In a terse statement on Thursday 19 September to the JSE's regulatory news service, Old Mutual gave no further explanation for Moholi's sudden resignation. Her exit comes a year before her tenure as a director is set to end in 2020 and after she was re-elected by shareholders on the board at Old Mutual's annual general meeting on 23 May.

In corporate South Africa, when directors resign with immediate effect and without finishing their term it is...

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