EDITORIAL: Old Mutual smokescreen sends the wrong signals
Pinky Moholi’s sudden resignation from Old Mutual sends out all the wrong signals at a time when the life insurer, still wrestling with its unwanted former CEO Peter Moyo, can least afford it
Pinky Moholi’s sudden resignation from Old Mutual sends out all the wrong signals at a time when the life insurer, still wrestling with its unwanted former CEO Peter Moyo, can least afford it.Moholi, who by one colleague’s account was "extremely effective", quit last week, citing "personal reasons".She is the first casualty from a board that may be starting to buckle from the strain of its acrimonious tussle with Moyo.The problem is that neither shareholders nor Old Mutual customers are any the wiser as to whether Moholi’s decision to leave resulted from a disagreement over the company’s strategy to engage Moyo through the courts, or whether it was fear that she may be found in contempt of court, along with the rest of the board, as Moyo’s legal team have sought.Certainly, if the courts rule in favour of Moyo and Old Mutual’s directors are declared delinquent in their handling of his dismissal, it will preclude them from serving on any other listed company’s board.Besides having bee...
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