BL Premium reports that Stanlib, one of SA’s largest asset managers, has joined other investors in calling for an end to the public battle between Old Mutual and its axed CEO Peter Moyo.
Old Mutual’s image has taken a hit as a result of the dispute, causing its share price to slump 17% in the three months since the insurer first announced the suspension of Moyo. Stanlib said: "The uncertainty created by the legal dispute between Mr Peter Moyo and Old Mutual is having a negative impact on the company’s share price. We have discussed the matter with the board and support them in their endeavours to find an appropriate resolution to this matter." Asset manager Allan Gray has also vocalised its unhappiness over the protracted dispute. In July, the high court in Johannesburg ruled that Old Mutual should temporarily reinstate Moyo after firing him without a disciplinary hearing in June over alleged conflict of interest. The insurer is appealing against the order. Moyo has accused Old Mutual chair Trevor Manuel of "gunning for him".
- Read the full original of the above report by Londiwe Buthelezi at BusinessLive (paywall access only)
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