Former Nedbank CEO Peter Moyo has resigned from the Nedbank board, fresh from losing his latest attempt to force Old Mutual to stop appointing a new CEO.
Old Mutual Limited (OML) owns a 19,9% strategic minority shareholding in Nedbank. No reasons were given for Moyo’s sudden resignation, but the writing was on the wall when his relationship with the Old Mutual board turned sour and was fired by the insurer.
Nedbank chairman Vassi Naidoo in a statement thanked Moyo “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.”
Old Mutual suspended Moyo over alleged allegations of conflict of interest and a breakdown in trust and confidence last May before axing him a month later.
The matter has since dragged in the courts with the latest judgement this week dealing another blow to Moyo – after the Joburg High Court gave Old Mutual the greenlight to appoint Moyo’s successor after Moyo had attempted to interdict the company from doing so until he exhausts his appeals against his dismissal.
Moyo in October issued the insurer with a summons seeking damages totalling R250 million.
