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BL Premium writes that here could yet be more turbulence ahead for Old Mutual with suspended CEO Peter Moyo signalling he will not go without a fight, not least about his exit package.
Moyo said he was unhappy with the board’s decision to suspend him and denied there were governance issues related to his shareholding in another company, NMT Capital, which had previously received financial backing from Old Mutual. The relationship predates his appointment as CEO. Moyo, who was paid just over R50m in the 2018 financial year, told Bloomberg on Friday he would demand a "complete" payout deal before even considering accepting an exit offer. Old Mutual said on Friday it had decided to "separate" with Moyo because of a material breakdown of trust and confidence. Though the statement said Old Mutual had "separated" with the CEO, audit committee chair Nosipho Molope said Moyo had been suspended and discussions were yet to take place to determine his fate. COO Iain Williamson has been appointed as acting CEO. Old Mutual chair Trevor Manuel emphasised on Friday that Moyo’s suspension was neither a result of poor performance nor financial misconduct on his part.
- Read the full original of Londiwe Buthelezi’s report in the above regard at BusinessLive (paywall access only)
- Read too, Old Mutual chair Trevor Manuel says Peter Moyo’s performance was not in doubt, at BusinessLive
Get other news reports at the SA Labour News home page