Old Mutual’s board will be on shaky ground if axed CEO Peter Moyo’s high court bid to get his job back is successful. Moyo is not going down without a fight and wants a new interim board to be appointed should he be reinstated.
Moyo was suspended from the life insurer on May 23 on the grounds of “a material breakdown in the relationship of trust and confidence”. He was later dismissed on June 18, four-and-a-half years before the end of his employment contract.
Moyo has launched an urgent application at the high court in Johannesburg to declare his sacking as unlawful, which would pave the way for him to be temporarily reinstated as CEO. He also wants Old Mutual chair Trevor Manuel and about 12 non-executive directors to be declared delinquent under Section 162 of the Companies Act.