Old Mutual ‘to search for new CEO’
Old Mutual has won its appeal against an earlier high court order forcing it to reinstate CEO Peter Moyo.
The ruling was handed down by the high court in Johannesburg on Tuesday.
Moyo and the insurance giant have been at loggerheads since the company first suspended him in May last year in relation to an alleged conflict of interest related to NMT Capital.
In July, Judge Brian Mashile found his dismissal unlawful and Old Mutual was ordered to reinstate him.
READ: Moyo seeks permanent reinstatement or R250m from Old Mutual
However, Old Mutual’s appeal of Judge Brian Mashile initial order was heard in December after the broker successfully applied for Mashile's recusal.
Old Mutual spokesperson Tabby Tsengiwe says the board may now proceed with the search for a new CEO.
“As Old Mutual we welcome this ruling. It confirms that Old Mutual acted properly in terminating Peter Moyo’s contract the first time.
“The board may now proceed with the search for a new CEO for Old Mutual as the interim order has now been completely set aside, so the board will be embarking on that process.”