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Moneyweb reports that Peter Moyo lost out on R68.4 million in share options when his employment at Old Mutual was controversially terminated last year over an irreconcilable conflict of interest.
Just over R13 million of the former CEO’s options were deducted from his 2018 remuneration package, previously valued at R50.5 million but restated to R37 million in the group’s latest annual report. At the insurer’s AGM on Friday, Itumeleng Kgaboesele, chair of the remuneration committee, assured shareholders that Moyo had not received any termination benefits and none were under consideration. Moyo’s total remuneration package in 2019 was R10.2 million, which included just over R1 million as payment in lieu of leave. The group’s annual report reveals options that had been issued to Moyo as part of his long-term incentives in 2017, 2018 and 2019 – which had been due to be taken up in subsequent years – lapsed when his employment was terminated. Moyo is also facing a hefty legal bill following the high-profile court action he took against Old Mutual after he was suspended and then fired by the company. The legal battle between Moyo and Old Mutual has still not been finalised.
- Read the full original of the report in the above regard by Ann Crotty at Moneyweb
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