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BL Premium reports that insurer Old Mutual’s board struck a conciliatory tone on Wednesday, saying the nasty fight between it and axed CEO Peter Moyo had dragged on for too long and it was perhaps time for the two parties to negotiate a settlement.
The boardroom brawl, which started in May when Old Mutual suspended Moyo and later fired him over an alleged conflict of interest, has weighed on the insurer’s share price and is threatening to tarnish its reputation after a court ruled that Moyo must be reinstated as his dismissal was unlawful. "If there is any prospect that the matter could be settled, so that employees could continue to focus on the operation and the board’s attention can move away from this matter, we would welcome it. But at this moment it looks like the parties are far apart. Obviously if an opportunity avails itself, we would do that," board member Pinky Moholi indicated. Old Mutual is appealing the court ruling that also blocks it from taking steps to search for a new CEO. It is also seeking legal clarity on whether Moyo should return to work despite its appeal. Moyo’s lawyer, Eric Mabuza, said that if Old Mutual was willing to find common ground, it would have to propose that to Moyo and not talk about it to third parties. Moyo’s other legal challenge is to have Old Mutual board members, whom he accused of bending to chair Trevor Manuel’s will, branded as delinquent directors
- Read the full original of the above report by Londiwe Buthelezi at BusinessLive (paywall access only)
Get other news reports at the SA Labour News home page