EDITORIAL: No winners in Old Mutual boardroom battle
There are three losers in this protracted war: Peter Moyo, the insurance giant and shareholders
When Peter Moyo resigned as CEO of Alexander Forbes in 2007, after just two years at the helm, the pension fund administrator’s reasons for parting ways with him did not go any further than a “difference of opinion” between him and the board.
Alexander Forbes board, led at the time by Bruce Campbell, was wise to ensure those differences were mutually confidential, sparing the company further damage after it had been accused of skimming off millions of rands in secret profit from its clients benefits and funds. ..