JOHANNESBURG - Financial services company Old Mutual said on Thursday it had again fired its chief executive Peter Moyo, even as it seeks to overturn a court ruling which nullified his original termination.
In July, the South Gauteng High Court ruled that Moyo be reinstated as CEO after Old Mutual axed him in May, citing a conflict of interest. Moyo argued that he was expelled after exposing conflict of interest on the part of the group's chairman Trevor Manuel. Old Mutual is challenging that court ruling.
In an open letter to shareholders on Thursday, the pan-African investment, savings, insurance and banking group said it was "clearly in the best interests of the company and its stakeholders that the employment relationship with Mr Moyo should come to an end".
"For this reason, Old Mutual has now given Mr Moyo a further notice terminating his employment," the company said in the letter published on its website.
"This step, as with previous steps taken in relation to Mr Moyo, has been taken after legal advice and on careful reflection by directors, with proper regard to their fiduciary duties to the company. We must accept that Mr Moyo may decide to challenge this step too. We will stand our ground if he does, naturally and at all times continuing to respect the law and our court system."
- African News Agency (ANA)