- Peter Moyo won't be returning to his top post at Old Mutual any time soon
- The former CEO has lost an appeal for his reinstatement at the financial services giant
- But Moyo seems determined to continue the fight, with another appeal possibly in the pipeline
Old Mutual has emerged victorious following its appeal against an order forcing it to reinstate Peter Moyo as CEO.
News24 reports that the ruling was handed down by the Johannesburg High Court on Tuesday.
Moyo had been suspended and later fired last year after the company claimed there had been a conflict of interest.
The axed CEO had challenged the decision in court, with Judge Brian Mashile ordering Moyo's reinstatement in July.
The judge had found Moyo should have been given the opportunity to explain himself at a hearing after Old Mutual accused him publicly of gross misconduct.
Old Mutual had successfully applied for Mashile's recusance, with the appeal being heard by three judges towards the end of the year.
The CEO's lawyers were adamant that the case was an 'unwinnable' battle, insisting that there was no cause for the previous ruling to be overturned.
Old Mutual's legal team had insisted that Moyo had been afforded a hearing before his contract had been terminated.
In response to the ruling, Moyo hinted that he may be appealing the ruling, but that a decision would be announced soon.
Briefly.co.za gathered that Old Mutual Head of Communications Tabby Tsengiwe became emotional following the ruling, commenting that the company had 'acted properly' when it axed Moyo the first time:
"It confirms that Old Mutual acted properly when it terminated Peter Moyo's contract the first time. Importantly it also provides clarity on corporate governance and board stewardship, including between the board and elective leadership, in this instance the CEO."
The ordeal garnered massive public interest and citizens have been debating this development to the extent that Old Mutual is trending on social media.
Take a glimpse at some opinions on the ruling below:
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