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Business Times writes that the marathon litigation between dismissed Old Mutual CEO Peter Moyo and the Old Mutual board headed by former finance minister Trevor Manuel is nearing the finish line.
Last week, three high court judges upheld Old Mutual's appeal allowing it to dismiss Moyo, which the company originally tried to do in June 2019. But Moyo has confirmed that his lawyers are planning to submit a case to the Supreme Court of Appeal in Bloemfontein. His deadline is 14 February. Allan Gray portfolio manager Jacques Plaut commented that the ruling confirmed the view that Old Mutual was justified in letting Moyo go and "removes some fears that Moyo might be reinstated or get a huge settlement". "Of course we would have liked to settle," said Old Mutual head of investor relations Tabby Tseliwe, "but not at the expense of good corporate governance." According to Moyo, the team he recruited at the insurer was still implementing his strategy, though he would not comment on the competence of acting CEO Iain Williamson. But some shareholders are said to be starting to look at Williamson as a permanent CEO. At 49 he is the right age to take Old Mutual over the next decade. All senior executive committee members will apparently be considered for the job, including Clarence Nethengwe, head of the mass market business, and Clement Chinaka, who runs the rest-of-Africa businesses. But both are probably too operationally focused and do not have the strategic experience needed. But, good outside candidates are unlikely to consider a move to Old Mutual while it remains on the back foot.
- Read the full original of the report in the above regard by Stephen Cranston at BusinessLive (paywall access only)
- Read too, Old Mutual vs Moyo: The battle is far from over, at Fin24
Get other news reports at the SA Labour News home page