CEO SUSPENSION
Peter Moyo digs in over full exit deal with Old Mutual
The suspended CEO says he's unhappy with the board’s decision and denies there are governance issues
There could yet be more turbulence ahead for Old Mutual with suspended CEO Peter Moyo signalling he will not go without a fight, not least about his exit package. Moyo said he was unhappy with the board’s decision and denied there were governance issues related to his shareholding in another company, NMT Capital, which has previously received financial backing from Old Mutual. The relationship predates his appointment as CEO. Moyo, who was paid just over R50m in the 2018 financial year, told Bloomberg on Friday he would demand a "complete" payout deal before even considering accepting an exit offer. COO Iain Williamson has been appointed as acting CEO. Old Mutual said on Friday it had decided to "separate" with Moyo because of a material breakdown of trust and confidence. Though the statement said Old Mutual had "separated" with the CEO, audit committee chair Nosipho Molope said Moyo had been suspended and discussions were yet to take place to determine his fate. The announcement, w...
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