File: Former Old Mutual CEO Peter Moyo is appealing a court ruling in favour of the insurer.
JOHANNESBURG - Old Mutual has fired CEO Peter Moyo for a second time.
In an open letter to shareholders, the company said a continued relationship between Moyo and Old Mutual is untenable.
“It is 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,” read the letter.
Moyo sued the Old Mutual board for firing him unlawfully in June.
He wants the insurer to abide by last month’s court order that he be reinstated, he believes the company is in contempt of court.
Old Mutual said there was a conflict of interest with his NMT Capital.
The firm says the latest move was taken after it sought legal advice.
It says its directors also carefully reflected on the issue.
Read the full letter here.