It’s the biggest corporate battle in South Africa – the brawl between the country’s second largest insurance company and its former Chief Executive. Peter Moyo is not giving up his fight to get his job back, while Old Mutual is continuing its search for a new CEO. CNBC Africa’s Fifi Peters filed this report.
Peter Moyo will soon file an urgent court bid to appeal the verdict that today declared Old Mutual’s decision to fire him as CEO as lawful. Moyo’s leave to appeal comes just hours after the insurer won its own appeal application against Moyo’s temporary reinstatement last year. CNBC Africa’s Fifi Peters spoke with Moyo's Attorney, Eric Mabuza and Old Mutual spokesperson Tabby Tsengiwe.
The lawfare between Old Mutual and its former CEO Peter Moyo continues in the Johannesburg High court. The insurer is appealing an earlier judgement that reinstated Moyo as CEO. The case is now being heard before a full bench of judges. Our reporter Fifi Peters spoke to Moyo and started by asking him if Judge Mashile had reinstated him on the over emphasis of a wrong clause.
In the case between Peter Moyo and Old Mutual the court adjourned for both sides to discuss whether to return Moyo to the helm. This came after Judge Brian Mashile and the lawyers discussed options for Peter Moyo to be reinstated.
One of Africa’s oldest financial services company has suspended one of the continent’s best known CEOs. Old Mutual has suspended Peter Moyo for what it has called a “material breakdown of trust.” It delivered the news in an email to staff. Chris Pretorius, Wealth Manager, Alphawealth joins CNBC Africa for more.
One of Africa’s oldest financial services company has suspended one of the continent’s best known CEOs. Old Mutual has suspended Peter Moyo for what it has called a “material breakdown of trust.” It delivered the news in an email to staff. The board chaired by former South African finance minister Trevor Manual has put chief operating officer Iain Williamson in as acting CEO.