Old Mutual director Nombulelo “Pinky” Moholi has walked out from the board of SA’s second-largest insurer, a move that might suggest that the previously 14-member board is divided about how to handle the tumultuous ousting of Peter Moyo from his position as CEO.
In corporate South Africa, when directors resign with immediate effect and without finishing their term it is usually a sign that the exit was not a happy one. A source close to the sessions said board members are divided about the axing of Moyo. Moholi wanted Old Mutual to enter into settlement talks with Moyo and end the impasse, which has dragged on for nearly four months and weighed on the insurer’s share price. Fellow board members Paul Baloyi and Itumeleng Kgaboesele are said to have supported Moholi’s view.
She was one of the few Old Mutual board members that engaged with journalists in August about the insurer’s punch-up with Moyo, even suggesting tothat the board was open to entering into settlement talks with him. Unlike the mudslinging approach taken by Old Mutual and Moyo, Moholi was more measured, praising the axed CEO for being talented and experienced.
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