Peter Moyo re­signs from the board of the Ned­bank Group

Pretoria News - - BUSINESS REPORT - DI­NEO FAKU di­[email protected]

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.

African News Agency (ANA)

PETER Moyo’s res­ig­na­tion from Ned­bank comes amid a bruis­ing le­gal bat­tle to re­sume his du­ties as chief ex­ec­u­tive at Old Mu­tual. |

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