The insurer’s appeal against an earlier ruling that temporarily reinstated Peter Moyo as CEO was upheld by the Johannesburg High Court on Tuesday, 14 January 2019. Old Mutual said it was now free to appoint a permanent CEO. The ruling has sent Old Mutual’s share up by more than 3% to R19,78 during Tuesday morning’s trade.
Old Mutual has emerged victorious in its seven month-long battle with its axed CEO Peter Moyo, with the Johannesburg High Court upholding the insurer’s appeal against an earlier ruling that temporarily reinstated him.
On Tuesday, 14 January, the high court upheld Old Mutual’s application to appeal against a 30 July 2019 ruling by Judge Brian Mashile that ordered the insurer to temporarily reinstate Moyo as CEO and blocked Old Mutual from appointing his successor.
In essence, a full bench of judges found that Old Mutual had lawfully dismissed Moyo. In a judgment written by Judge Pieter Meyer and concurred by Judges Raylene Keightley and Keoagile Matojane, Moyo has also been ordered to pay Old Mutual’s legal fees for its appeal application.
Old Mutual spokesperson Tabby Tsengiwe said Old Mutual welcomes the judgment and it vindicates the insurer for its decision to fire Moyo.
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Publish date : 2020-01-15 15:30:54