Old Mutual Personal Finance MD resigns

Old Mutual’s Managing Director* of Personal Finance Karabo Morule has resigned, a month after Pinky Moholi did.

Morule stepped down with effect from October 18, 2019 for personal reasons. “She will remain in her role for three months to assist with the transition to an internal successor,” the insurer said in a statement.

Old Mutual is currently in a court battle with its ousted CEO Peter Moyo, who seeks reinstatement after being fired in June. Moyo also wants the South Gauteng High Court to find Chairman Trevor Manuel and 13 board members to be in contempt of court for twice firing him as CEO and thrice barring him from returning to his corner office at the Sandton-based insurance company, after the court ruled in his favour.

Contempt of court carries with it a fine or a jail sentence, Moyo wants the latter to be imposed on the board members.

The board members are arguing that they are not in contempt.

When Morule was asked at the insurer’s results presentation last month what impact the litigation was having on the personal finance business, see what she had to say here.

*Correction made to Karabo Morule title in both intro and headline. She was not a board member but an executive at Old Mutual

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