Surprise and novelty have worn off the Peter Moyo case

Business

Surprise and novelty have worn off the Peter Moyo case

Long drawn-out court action, with its hefty attendant costs, would be tougher on ex-CEO than Old Mutual

Ann Crotty

Former Old Mutual (https://www.sharenet.co.za/v3/quickshare.php?scode=OMU) CEO Peter Moyo’s initial victory in court was so unexpected that few people are prepared to make a firm statement on what the final outcome will look like – other than that Moyo and Trevor Manuel will never be on the same board again.

In mid-January many might have thought that after a full bench of high court judges overturned that initial victory the Old Mutual board could get back to its business – the most pressing of which was to appoint a new CEO.

But Moyo refuses to give up. He has filed an urgent application to stop the CEO appointment process while he appeals the January ruling by the full bench. This raises the possibility of lots more potentially damaging headlines for the insurance giant as well as the possibility of some uncertainty if the CEO-search process has to be suspended...

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