Fired Old Mutual CEO Moyo Seeking New Ways to Get Back to Work
Fired Old Mutual CEO Moyo Seeking New Ways to Get Back to Work
(Bloomberg) -- Peter Moyo is looking into other ways of getting back his job as chief executive officer of South African insurer Old Mutual Ltd. after being blocked from gaining access to his office for a third time.
The 56-year-old returned to Old Mutual’s offices in Johannesburg on Wednesday morning in an attempt to resume his duties only to be shown the door again, his lawyer Eric Mabuza said by phone. Moyo at the end of July successfully challenged the insurer’s decision to dismiss him, and has also filed an application to hold the company and its directors in contempt of court.
“We are looking at other ways of implementing the court order including approaching the sheriff to enforce the court order on Old Mutual,” Mabuza said. Old Mutual is appealing the court’s initial decision that it reinstate the fired CEO, saying there has been an irreparable breakdown in trust between the board and Moyo. Last month, it issued him with a second notice terminating his employment.
“Old Mutual confirms that Mr Moyo is not permitted nor required to return to work,” the insurer said in an email. The company is asking the court to expedite the appeal “due to the importance of bringing stability and certainty for its stakeholders,” the company said.
To contact the reporter on this story: Roxanne Henderson in Johannesburg at rhenderson56@bloomberg.net
To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Vernon Wessels, Hilton Shone
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