The Johannesburg high court has quashed Peter Moyo’s urgent application to stop Old Mutual from looking for a chief executive.
The life company will now be able to find a permanent replacement after winning an appeal in January 2020 that its dismissal of Moyo was lawful.
“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,” the firm said.
“Justice Lamont also dismissed Moyo’s application to consolidate the pending contempt of court matter with the urgent interdict application.
“Old Mutual looks forward to continuing with our intensive process to recruit a permanent CEO to lead Old Mutual. This will give us and the market much-needed certainty.
“Until then, we remain in the capable hands of interim CEO, Iain Williamson and his skilled executive committee.”
No ‘restoration of the status quo’
According to the life company, Moyo believed that his appeal to the Supreme Court meant that Old Mutual could not look for someone to fill the top job, which has been vacant for nearly a year.
“[The] judgment explains that, contrary to the contention advanced by Moyo, the fact that he has applied for leave to appeal does not revive the interim order originally granted to Moyo, and subsequently set aside on appeal.
“‘The submission made by the applicant that there was a restoration of the status quo ante the order is accordingly fallacious,’ the court found.
The Old Mutual statement continued: “It was further held that there has been no constitutional interference with Moyo’s right to work, dignity or self-worth, and that Moyo is not entitled as a matter of constitutional law to employment at a particular employer.
“Following our successful appeal in January, this ensures we move another crucial step forward in decisively dealing with all misdirected outstanding litigation initiated by Moyo.
“We are focused on moving on and driving our business forward under the guidance of a strong and dedicated leadership team,” Old Mutual added.
Unravelling the events
The saga started in May 2019, when Moyo was suspended due to an alleged breakdown in trust and confidence between him and Old Mutual’s board, especially chairman Trevor Manuel.
The former chief executive was sacked nearly a month later.
Moyo then sued the insurer over his dismissal and the first ruling by judge Mashile deemed the move unlawful.
He was reinstated on a temporary basis, a decision which was appealed by Old Mutual .
This then led the life company to sack him a second time, prompting Moyo to sue the company for contempt of court.
Manuel was forced to apologise for comments he made about the judge during a press conference in August 2019, which ultimately resulted in Mashile stepping down from the case at the end of last year.
Old Mutual South Africa is not connected with Quilter or Isle of Man-headquartered Quilter International, following the managed separation of the group in 2018.
