Old Mutual says it will waste no time in looking for a permanent Chief Executive Officer(CEO) following its court victory in the long-standing case with its former CEO Peter Moyo.
The Johannesburg High Court upheld Old Mutual’s application to appeal an earlier ruling which ordered Old Mutual to temporarily reinstate Moyo as CEO.
Moyo was suspended by the financial services company in May last year and fired in June over alleged conflict of interest relating to an investment firm that Moyo co-founded.
Moyo says he will appeal the ruling.
Old Mutual Spokesperson Tabby Tsengiwe says: “From a legal stand point, we are very clear about the fact that we are now mandated to proceed with seeking and looking for a permanent CEO. We will certainly wait for Mr Moyo and his team to lodge their appeal in the courts and we will then take legal advice on it as and when it comes.”
“Any individual or parties that are involved in litigation do have the right to appeal court rulings and as Old Mutual we will certainly respond to that.”