Old Mutual says it is still looking for a permanent replacement for Peter Moyo

Old Mutual said it is still in the process of appointing a new chief executive officer to replace Peter Moyo.

“The South Gauteng High Court today reserved judgement in the urgent application brought by former CEO Peter Moyo to interdict Old Mutual from continuing with the process to hire a permanent CEO.

“The process to appoint a permanent CEO continues in the interim,” the group said in a statement.

Chief operating officer, Iain Williamson, assumed the role of acting CEO back in May 2019 after Old Mutual suspended Moyo, citing a breakdown in trust.

It comes after a court in Johannesburg ruled in January, that Old Mutual did not have to give Moyo his job back.

An appeal by the South African insurer against a judgement delivered in July last year to temporarily reinstate Moyo was upheld by the High Court, with costs.

Old Mutual had prevented Moyo from gaining access to his office after his initial court victory, and in August 2019 issued another notice terminating his employment, paying out six months of his salary. Moyo retaliated later that month, saying he may sue the company for R250 million rand in damages, Bloomberg reported.

The spat first spilled into the open in May when Old Mutual suspended Moyo, citing a “material breakdown in trust and confidence” over an alleged conflict of interest.

Moyo has denied any wrongdoing and fired back with counter-accusations against the firm over conflicts involving chairman Trevor Manuel, which both he and the company denied.

Old Mutual’s shares climbed 3% in afternoon trade on Tuesday (10 March), having dropped to a low of R14.85 on Monday, a day when global markets tanked amid fears over the coronavirus.


Read: Old Mutual vs Moyo heads into 2020

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Old Mutual says it is still looking for a permanent replacement for Peter Moyo