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BL Premium reports that on Thursday the public fight between the Old Mutual board and axed CEO Peter Moyo claimed its first casualty, Pinky Moholi.
One of the 14 Old Mutual directors who fired CEO Peter Moyo and a former CEO of Telkom, Moholi resigned with immediate effect from the insurer’s board after serving on it for seven years. The insurer said she resigned for personal reasons. Moholi was one of the few board members who tried to put out the fire at the insurer by meeting journalists in August to give the board’s side of the story. Moholi was also the first to publicly suggest that if there were any prospects to negotiate a settlement with Moyo, the board would welcome that. The resignation of Moholi, who was an independent nonexecutive director as well as the chair of the insurer’s remuneration committee, comes at a time when the Old Mutual board is facing mounting pressure to put an end to its bruising public dispute with Moyo, who was fired in June, has since won two high court reinstatement orders and was then fired a second time. It also comes after board chair Trevor Manuel came under critical public scrutiny for taking a swipe at Judge Brian Mashile for the two court rulings. Moholi is among individuals who are cited in Part B of Moyo’s legal challenge to his dismissal in which he says he wants the court to declare all of the insurer’s directors delinquent.
- Read the full original of the report in the above regard by Londiwe Buthelezi at BusinessLive (paywall access only)
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