Old Mutual top investor wants end to CEO dispute
Old Mutual's largest shareholder wants the insurance giant to urgently end a months-long dispute with fired chief executive Peter Moyo, local media reports, citing Reuel Khoza, chairman of the Public Investment Corporation.
The PIC told the Old Mutual board chairman Trevor Manuel to urgently resolve the disagreement with Moyo, who, despite scoring two court victories against the insurer, was prevented from resuming work by the company. The PIC, Africa's largest fund manager, is concerned about Old Mutual's plan to end the dispute through courts as the legal route may become "protracted," local news outlet the Sunday Times cites Khoza as saying. "While that proceeds apace, the company's performance will be suffering, the share price will be eroding or may fail to recover," Khoza said. "We would prefer for the two parties to come together and resolve the matter."