Ex-Old Mutual CEO Peter Moyo quits Nedbank board

Embattled former Old Mutual CEO Peter Moyo has resigned from the board of Nedbank with effect from Wednesday, said the company in statement on Friday.

"Nedbank Group Chairman, Vassi Naidoo, thanked Peter for his contribution to the group since his appointment in 2018 in terms of the relationship agreement between Old Mutual Limited and Nedbank Group Limited, which provides for Old Mutual Limited to nominate one director to the boards of the Companies for as long as OML’s shareholding is equal to or greater than 15% in Nedbank Group," Nedbank said. 

Moyo’s resignation from his non-executive role in Nedbank comes amid a protracted legal battle with his former employer Old Mutual over his dismissal in June 2019.

On Tuesday, the Johannesburg High Court dismissed Moyo’s urgent application to prevent Old Mutual from hiring a new CEO permanently after the court ruled that the former executive's dismissal in January was lawful.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
USD/ZAR
14.42
(+0.2)
GBP/ZAR
19.86
(+0.1)
EUR/ZAR
17.27
(+0.2)
AUD/ZAR
11.12
(+0.1)
JPY/ZAR
0.13
(+0.2)
Gold
1,741.91
(+0.3)
Silver
25.50
(+0.3)
Platinum
1,177.00
(+0.3)
Brent Crude
66.58
(+4.6)
Palladium
2,700.00
(+0.8)
All Share
67,812
(0.0)
Top 40
62,084
(0.0)
Financial 15
12,163
(0.0)
Industrial 25
88,847
(0.0)
Resource 10
69,024
(0.0)
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 1267 votes
No, I did not.
51% - 3141 votes
My landlord refused
28% - 1692 votes
Vote