EDITORIAL: No winners in Old Mutual boardroom battle

Old Mutual CEO Peter Moyo and chair Trevor Manuel at the company’s listing on the JSE last year. Picture: FREDDY MAVUNDA

As a messy boardroom brawl between Old Mutual and Moyo plays out in the full glare of a harsh media spotlight, the board of the SA insurance giant should be kicking itself for not relentlessly pursuing a separation agreement that ensured a smooth parting of ways. In the latest episode to the drama that began in May, Moyo turned up for work at Old Mutual’s 12-storey tower block in Sandton on Monday following a second court victory on Friday that a previous reinstatement order stands.

Recognising the damage the tussle is having on Old Mutual’s reputation, board member Pinky Moholi told Business Day in recent weeks that it was time for both parties to get behind closed doors and settle the matter.

You judge is going to hammer Old Mutual again, and I think money will be awarded this round additional to costs. The courts will not entertain a second bite at the cherry before the first has been dealt with.

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