Zimpapers Logo

Old Mutual intends to appoint a new CEO, despite axed CEO Peter Moyo’s latest court bid to prevent it from doing so.

The financial services provider on Tuesday issued a statement indicating it plans to oppose the urgent court application lodged by Mr Moyo at the Johannesburg High Court last Friday.

“Old Mutual’s lawyers have reviewed Mr Moyo’s latest application and have confirmed that the application is based on a mistaken understanding of the legal position.

“Old Mutual will oppose the application and has been advised that there is no reason why it should not continue with the process to recruit a permanent CEO in the interim. It intends to do so,” the statement reads.

“Mr Moyo is entitled to raise his arguments in court. Old Mutual will deal with those arguments in court and will not litigate through the media,” Old Mutual said.

The matter is to be heard on March 10, 2020 and Old Mutual has until today to file a notice of opposition.

According to his court papers, Mr Moyo claims that he would suffer further reputational harm if a new CEO is appointed at Old Mutual.

“My reputational rights will also be severely affected should a new CEO be appointed while I am in court to be reinstated to the same position,” he said.

“If the relief sought is not granted and Old Mutual goes ahead and hires a CEO, then the harm of permanently losing my employment is irreversible,” he said.

“My right to work, dignity and self-worth cannot be replaced by money,” he added.— Fin24.