Peter Moyo resigns from the board of the Nedbank Group
AXED OLD Mutual chief executive Peter Moyo has stepped down from the board of the Nedbank Group, the company said on Friday.
Nedbank said the resignation was effective from Thursday.
“Nedbank Group chairperson Vassi Naidoo thanked Peter for his contribution to the group since his appointment in 2018 in terms of the relationship agreement between Old Mutual Limited (OML) and Nedbank Group, which provides for Old Mutual to nominate one director to the boards of the companies for as long as OML’s shareholding is equal to or greater than 15 percent in the Nedbank Group,” the group said.
Moyo’s resignation from Nedbank comes amid a bruising legal battle to resume his duties as chief executive at insurance group Old Mutual, where he stopped being a member of the board when his employment was terminated in June.
On Tuesday, the South Gauteng High Court, Johannesburg, paved the way for the appointment of a new Old Mutual chief executive after it dismissed Moyo’s attempt to halt it.
However, Eric Mabuza, Moyo’s lawyer, said on Friday that Moyo would continue the legal battle to return to his post.
“We are awaiting a decision from the Supreme Court of Appeal on whether we will be able to appeal the matter,” said Mabuza. Old Mutual suspended Moyo over a conflict of interest and a breakdown in trust and confidence in May, before axing him a month later.
The 174-year-old insurance group, said last week that it looked forward to continuing with its intensive process to recruit a permanent chief executive.
“This will give us and the market much-needed certainty.
“Until then, we remain in the capable hands of interim chief executive, Iain Williamson, and his skilled executive committee,” said the group.
In January, the court ruled that Old Mutual did not have to reinstate Moyo, upholding the insurance and banking group’s appeal against him with costs.
“Following our successful appeal in January, this ensures we move another crucial step forward in decisively dealing with all misdirected outstanding litigation initiated by Moyo.
“We are focused on moving on and driving our business forward under the guidance of a strong and dedicated leadership team,” the group said last week.
PETER Moyo’s resignation from Nedbank comes amid a bruising legal battle to resume his duties as chief executive at Old Mutual. |