Update on Peter MoyoThis situation first arose because the former CEO violated the terms of his employment contract by placing his private financial interests ahead of the company. In flagrant disregard of the provisions in his employment contract designed to manage conflicts of interest between NMT Capital (a company he co-founded) and Old Mutual, Mr Moyo chaired a meeting of the NMT Capital Board on 4 July 2018, at which it was decided to pay an ordinary dividend of R105 million. Mr Moyo and his partners thus shared R84m, while omitting to pay preference share dividends, valued at R65.4m at the time, due to Old Mutual.
The Board engaged Mr Moyo for months about this matter. However, it became clear that he and the Board had a difference of opinion about his transgressions and how to resolve them. Following the exchange of various correspondence and a meeting where Mr Moyo was given yet another chance to address the situation, the Board, on the basis of legal advice, reached the difficult conclusion that his continued employment was untenable.
Keeping you informedWe consider it appropriate to provide certain material facts that have led to this point, available below.
23 March 2020
The Supreme Court of Appeal has dismissed with costs the application by Old Mutual’s former CEO, Peter Moyo, for leave to appeal the 14 January Full Court judgment in favour of Old Mutual. The January judgment had overturned an earlier interim order granted by Mr Justice Mashile to temporarily reinstate Mr Moyo as Old Mutual’s CEO.
17 March 2020
Old Mutual welcomes the decision of the High Court today dismissing Peter Moyo’s application for an interdict prohibiting the hiring of a permanent CEO.
18 February 2020
Old Mutual’s lawyers have reviewed Mr Moyo’s latest application and have confirmed that the application is based on a mistaken understanding of the legal position.
14 January 2020
Old Mutual welcomes the ruling in the South Gauteng High Court which has upheld with costs Old Mutual’s appeal against an order on 30 July 2019 temporarily reinstating former CEO Peter Moyo.
06 December 2019
Following a hearing on Friday in the Mpumalanga High Court, Judge Mashile has decided to recuse himself from the matter.
04 December 2019
The appeal against the high court judgement which temporarily reinstated Peter Moyo as CEO (the Appeal, Case No: A5041/19)) is a key legal battle in this multi-faceted dispute.
29 October 2019
The Board of Old Mutual has been informed that the Deputy Judge President of the South Gauteng High Court has set an accelerated timetable for the appeal against the high court judgement which temporarily reinstated Peter Moyo as CEO. The appeal will be heard on 4 December 2019.
09 October 2019
A summary of Old Mutual’s arguments contained in the contempt affidavit relating to the Peter Moyo case.
01 October 2019
A commitment to our stakeholders regarding the dispute with the former Chief Executive Officer, Mr Peter Moyo.
30 September 2019
Our fact sheet on the assertions and responses in the Peter Moyo court case.
17 September 2019
Mr Trevor Manuel, Chairman of Old Mutual’s Board of Directors, apologises unreservedly for an observation he made at the Old Mutual media conference on 13 September 2019, in the context of the pending litigation with the former Chief Executive Officer, Mr Peter Moyo.
17 September 2019
13 September 2019
Old Mutual confirms it sent a legal letter to former CEO Peter Moyo’s attorneys yesterday to provide clarity that it would not be seeking further court intervention relating to Mr Moyo’s second letter of termination but has certainly not “backed down” from its ongoing appeal process against an earlier judgement handed down in the High Court on the matter.
09 September 2019
Old Mutual has met with former CEO Peter Moyo and his legal team to explain that Mr Moyo will not be returning to work because the further notice of termination given on August 21 stands and Old Mutual’s contractual rights remain intact.
06 September 2019
Old Mutual was today granted leave to appeal by the Gauteng local division of the High Court against the 30 July 2019 judgement against the company. This ruling was made prior to the hearing this morning of a further urgent interlocutory application brought by Mr Moyo.
22 August 2019
The Board of Old Mutual Limited (OML) has received a number of queries from shareholders and stakeholders regarding the dispute being pursued by Mr Moyo. The Board maintains that engaging extensively with the media on this matter is not appropriate, but do think it is appropriate to communicate with shareholders to address certain key matters of concern that have been raised.
02 August 2019
Old Mutual confirms it has filed an urgent application in the High Court in Johannesburg for a declaratory order confirming that its appeal process suspends the court order reinstating former Chief Executive Officer Peter Moyo.
31 July 2019
Old Mutual says after considering the terms of the judgment and taking legal advice it will immediately apply for leave to appeal against the High Court decision to grant former Chief Executive Officer Peter Moyo temporary reinstatement following his dismissal as Chief Executive Officer in June.
05 July 2019
Old Mutual confirms it intends to file papers opposing the application by former Chief Executive Officer Peter Moyo to be reinstated, amongst other things, next week.
18 June 2019
The Old Mutual Board of Directors refers stakeholders to previous announcements regarding the suspension of Old Mutual Chief Executive Officer, Mr Peter Moyo, as released on SENS on 24 May 2019, and various subsequent media reports.
24 May 2019
The Old Mutual Board of Directors has decided to separate with the Group CEO, Peter Moyo. Pending the conclusion of this and to manage it effectively, the Board considered it appropriate to suspend Mr Moyo, so releasing him from his duties and enabling the appointment of an interim Chief Executive Officer.
24 May 2019
Shareholders were advised that the Old Mutual Board of Directors had various engagements with Mr Peter Moyo, the OML and Old Mutual Life Assurance Company Limited (OMLACSA) Chief Executive Officer. These engagements caused the Board to conclude that there had been a material breakdown in trust and confidence between him and the Board.