Business Times reports that the wrangling between Old Mutual and sacked boss Peter Moyo will not derail the process to appoint a new CEO, the life insurer has indicated.  

Moyo, who was at the helm for two years, was fired last week following his suspension by Old Mutual last month due to a breakdown in trust and conflicts of interest.  He has indicated that he will challenge the dismissal in court.  "Mr Moyo has a right to challenge the decision if he thinks it appropriate, but that will certainly not stop the process of appointing a permanent CEO," Old Mutual spokesperson Tabby Tsengiwe stated.  Former chief operating officer Iain Williamson has been acting as CEO.  Moyo is the founder and a director of NMT Capital, in which the insurer has a stake in ordinary and preference shares.  According to Old Mutual, Moyo benefited from a declaration of ordinary dividends, pocketing more than R30m, while dividends to preference shareholders - which are supposed to be first in line for such a distribution - were still in arrears.  Old Mutual is seeking legal advice on whether it can claim back Moyo's windfall, Tsengiwe said, adding that payments made under incentive schemes “are subject to claw-back in certain circumstances."

• Read the full original of TJ Strydom’s report on the above story at BusinessLive (paywall access only)

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