'White monopoly capital', other rhetoric, hurts SA
Peter Moyo, new CEO of Old Mutual Emerging Markets, hates the term "white monopoly capital"
Peter Moyo, former CEO of Alexander Forbes, Vodacom's outgoing chairman and new CEO of Old Mutual Emerging Markets (OMEM), hates the term "white monopoly capital". Whenever he walks into a meeting he hears the phrase, and it is usually laden with innuendo against him. Instead of clarifying anything or contributing to the debate on transformation, it is misleading, causes bad blood and, in his case, embarrassment. "I'm the chairman of Vodacom. I walk into a meeting and somebody says Vodacom is part of white monopoly capital. But I'm the chairman of Vodacom. The CEO is black. How are we supposed to feel?" The same goes for all black chairmen and CEOs of companies associated, in the minds of those who use the phrase as an insult, with white monopoly capital. As far as he is concerned, they do not represent white monopoly capital. "I know what I represent. I know the values I represent. So we should avoid using terms like this that have these negative connotations. "Negative labels like...
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