ANN CROTTY: Intense passion on both sides of Old Mutual-CEO tussle
If Moyo’s legal team has launched an action that could end up with the removal of the entire nonexecutive board, then we might have a takeover/merger on our hands
Presumably one or other of the parties in the Old Mutual vs Peter Moyo punch-up has already approached the competition authorities, either to secure approval for a takeover or to block that same takeover.
That might seem a bit of a stretch but doesn’t the whole thing seem like a seriously big stretch? An enormously well-paid former CEO, who had an overarching duty of trust to his employer, wants his job back; not only that, he wants the entire nonexecutive board declared delinquent, which would mean they would have to be fired. He is using the high court to give effect to this plan.