Old Mutual suspends CEO, citing ‘material breakdown in trust’

Gordon_R

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Yeah, describing someone who stands up for himself as toxic is too harsh, uncool Gordon_R.
Someone who attempts to have his employers disbarred as directors. Toxic?

Go back to p2 of this thread, and read some of his legal claims:
Additionally, Part B of his application, intended to be set in motion within 60 days of the outcome of Part A (Friday's judgment), would see him lodge a damages claim. He also wants the court to declare the 17-member board "delinquent directors".
 
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rietrot

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Peak BEE insanity. The board has every right to fire a CEO if they feel like it.

The directors get voted in by shareholders, thinking the court can disband them and appoint a new board like Zuma would for a SOE is just silly.

Trevor is right about the judge, that judge has no idea what he's doing.


But Trevor was instrumental in creating this mess, so I'm loving the irony of him now fighting it, having to cleanup his own shît.
 

Gordon_R

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More details of the NMT conflict of interest and board representation: https://www.dailymaverick.co.za/article/2019-09-19-how-old-mutual-set-itself-up-for-the-moyo-mess/
The sacking of Peter Moyo as Old Mutual CEO was linked to NMT Capital, a firm he co-founded in 2002 and in which the insurer holds a 20% stake. Old Mutual had a nominated director named Mobasheer Patel on the board of NMT. Old Mutual chairman Trevor Manuel and Moyo disagree about whether Patel was accountable to Old Mutual or NMT.
 

akescpt

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seems ole Trevor scored another own goal with his petulant comment. what a tool. seems they need to fire both of them.
 

R13...

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Old Mutual's board aren't innocent in all of this, they screwed up and are now saddled with a CEO who refuses to go (quietly). They must own up and negotiate with him.
 

rietrot

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Old Mutual's board aren't innocent in all of this, they screwed up and are now saddled with a CEO who refuses to go (quietly). They must own up and negotiate with him.
They did. They paid out his contact.
 

sjm

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Still not very clear. But it is interesting how Moyo claims Patel should have been the communicator and somehow excludes himself from this responsibility as CEO of OM.
If Patel was on the board as OM's representative then he would have been responsible for representing OM and communicating everything back. Moyo was not representing OM on NMT's board.

He still had a duty of care, but was not responsible for ensuring that the OM board received feedback from NMT.
 

surface

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Old Mutual director resigns as fight over Moyo drags on

Interesting although she still is also a director of Woolworths and Anglo American Platinum. I find it interesting how people get on to multiple directorships. What do they actually do in so many companies? Have read about too many across the rainbow spectrum.

Right wingers - you can f**k off as I know you are going to make this about race/farmers/genocide.
 

thechamp

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Interesting although she still is also a director of Woolworths and Anglo American Platinum. I find it interesting how people get on to multiple directorships. What do they actually do in so many companies? Have read about too many across the rainbow spectrum.

Right wingers - you can f**k off as I know you are going to make this about race/farmers/genocide.
She was once a Telkom CEO, seems like she is not going back to that stress with so much easy money to be made from being a director and sitting on multiple boards.
 

rietrot

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Interesting although she still is also a director of Woolworths and Anglo American Platinum. I find it interesting how people get on to multiple directorships. What do they actually do in so many companies? Have read about too many across the rainbow spectrum.

Right wingers - you can f**k off as I know you are going to make this about race/farmers/genocide.
BEE.
 

Splinter

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If Patel was on the board as OM's representative then he would have been responsible for representing OM and communicating everything back. Moyo was not representing OM on NMT's board.

He still had a duty of care, but was not responsible for ensuring that the OM board received feedback from NMT.
As CEO of OM he had every responsibility.
 
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