Moyo refused to go away, but court ruling means he must
Old Mutual’s battle against its axed CEO played out in court again, and the company came out on top ... for now
Old Mutual’s court victory against Peter Moyo paves the way for the insurer to finally appoint a new leader after an eight-month battle with the axed CEO caused reputational damage and shaved billions off its market capitalisation.
On Tuesday, a full bench of the Johannesburg High Court upheld Old Mutual’s appeal, finding the insurer had terminated him lawfully. The court overturned the first high court judgment that had ruled Moyo was illegally fired, temporarily reinstating him. That reinstatement was overturned.
The ruling sent the group’s shares up as much as 5.1% to R19.90, on track for its best one-day performance in more than two months. ..