Peter Moyo: Am back at work tomorrow, as court reinstates him as Old Mutuals CEO

In a surprising turn of events, former CEO Peter Moyo has been reinstated as the CEO of financial services group Old Mutual after a court ruled his dismissal unlawful. Moyo expressed his confidence in returning to the office, stating that he will be back at work tomorrow morning. CNBC Africa's Fifi Peters reported on the verdict and its implications for the company and its stakeholders. The case between Moyo and Old Mutual has made history, setting a precedent for future chief executives facing similar challenges. The interview sheds light on the conflict of interest accusations, wrongful procedures in the contract termination, and Moyo's commitment to restoring his credibility and brand. Here is a detailed breakdown of the key points discussed in the interview and the implications of Moyo's reinstatement. Key Theme: Unlawful Dismissal and Reinstatement Key Points: 1. Conflict of Interest Accusations: The respondents initially accused Moyo of conflict of interest and misconduct, leading to his suspension and eventual dismissal. However, Moyo argued that the procedures laid down in the contract were not followed properly. Specifically, clause 25, which was invoked by Old Mutual, was deemed unavoidable, and clause 24.1.1 was incorrectly applied, as it had no relevance to the situation at hand. The judge ruled that both the suspension and dismissal were unlawful due to the wrongful application of the contract clauses. 2. Commitment to the Company: Despite the legal battle and public scrutiny, Moyo expressed his deep love for Old Mutual and his dedication to its success. He emphasized that his primary goal is to return to work and contribute to the company's growth and prosperity. As a significant shareholder and customer of Old Mutual, Moyo's reinstatement is seen as a positive development for the company and its stakeholders. 3. Future Implications: The reinstatement of Moyo raises questions about the stability at the board level of Old Mutual and how the existing relationships will be managed moving forward. Moyo assured that he has insulated himself from any discussions related to NMT Capital, a shareholder in Old Mutual, to avoid any conflicts of interest. The case is unprecedented and serves as a lesson for future chief executives facing similar challenges in the corporate world. Quote: When asked about how he plans to work with the same people he once criticized, Moyo responded, 'Why should it be me that I can worry? You're the CEO. Congratulations, by the way. Well, I mean, I'll expect that when you actually hold that position, accountability requires you to behave in a particular way.' Moyo's response reflects his focus on the future and his determination to lead Old Mutual with integrity and professionalism. In conclusion, Peter Moyo's reinstatement as Old Mutual's CEO marks a significant milestone in the corporate world, highlighting the importance of adhering to proper procedures and upholding ethical standards in leadership roles. As Moyo prepares to resume his duties, all eyes will be on the company's performance and his ability to navigate the challenges ahead.