Skip to main content

Williamson becomes Old Mutual’s CEO in place of Peter Moyo.

Williamson becomes Old Mutual’s CEO in place of Peter Moyo.

One of South Africa’s biggest insurers, Old Mutual, has announced the permanent appointment of Iain Williamson as its Chief Executive officer (CEO) after months of court battles with ousted CEO, Peter Moyo. The announcement was made on Friday, July 3, 2020.

Commenting on Williamson’s appointment Trevor Manuel, Chairman and Independent Non-Executive Director of Old Mutual, said: “His steady hand, strategic mind, and authentic leadership style has been both refreshing and truly welcomed.” Trevor added that Williamson is an actuary by profession and Old Mutual veteran of almost three decades. 

The company’s losses became noticeable when it re-listed in Johannesburg in June 2018. The court disputes with the former CEO which lowered investor confidence, coupled with the prevailing COVI-19 (coronavirus) pandemic have also impacted the company’s growth records. Therefore, Williamson will now be saddled with a huge responsibility of reviving Old Mutual’s performance from a broader perspective. 

Expressing delight over the company’s choice, Jacques Plaut, portfolio manager at Allan Gray, Old Mutual’s No.2 shareholder said that Williamson knows the business very well and he speaks sense. However, he added that “there are definitely some things to fix there, and part of me thinks maybe it needs an outsider to do it, but not necessarily.”

Moyo and Old Mutual Insurance dispute.

In May 2019 the board of directors of Old Mutual, led by Trevor Manuel suspended its CEO, Moyo peter, due to a“material breakdown of trust and confidence” with the board over a conflict of interest in a private equity company Moyo founded. Not long after his suspension in may, Williamson was appointed as the insurer’s acting CEO. 

The insurer accused Moyo of receiving a payment of R30 million from NMT Capital ( an investment holding company founded by Moyo in 2002 which also has one of Old Mutual’s subsidiaries as its only institutional investor). It said that the payment should have been made directly to Old Mutual’s account. This led to the eventual sack of Moyo in June 2019.

After appealing to a Johannesburg High Court, the insurer was ordered to temporarily reinstate Moyo back as ita CEO. The court ruled that Moyo’s dismissal in June 2019 was illegal because Old Mutual did not afford him a disciplinary hearing after accusing him of gross misconduct before firing him. 

But the insurer disobeyed the court’s order, barred Moyo from returning to work and opted to appeal the court’s ruling instead. The company also wrote an open letter to shareholders of their unwillingness to take the fired executive back. Consequently, the board members risked a prison sentence for holding the court in contempt. Early this year, a full bench of three judges held that Moyo had been properly dismissed.

Labels:

Comments

Post a Comment

Popular posts from this blog

N-Power: FG extends Batch C enrolment Aug 8

FG extends Batch C N-Power enrollment to August 8 Add caption The Federal Government says the enrolment for Batch C scheme of the N-Power Programme which started on June 26 will now close on August 8. Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, who disclosed this via  Twitter on Sunday night, said over 5 million applications have been received for the scheme. The Federal Government plans to enrol 400,000 applicants in the Batch C scheme. Batches A and B of the programme who are about to exit the programme held a rally at the National Assembly Complex last week, requesting FG to employ them as well as pay them a grant of N600,000 each. Providing an update on the development, the minister said on Sunday, “I received the news of a protest at the National Assembly by N-Power Batch A and B beneficiaries who presented a list of demands which we are reviewing and will address as practically possible. “Let me reiterate that th...
Post a Comment
Read more

FG SURVIVAL FUND TO COMMENCE REGISTRATION FEBRUARY 9TH

MSMEs SURVIVAL FUND TO COMMENCE REGISTRATION FOR GUARANTEED OFF-TAKE STIMULUS SCHEME & GENERAL MSME GRANT     100,000 Nigerians to benefit from one-off N50,000 MSME grant  The chairman of the Steering Committee of the MSMEs Survival Fund and guaranteed Off-take Stimulus Scheme and Honourable Minister of State, Federal Ministry of Industry, Trade and Investment, Amb. Mariam Y. Katagum, has announced the commencement of the Guaranteed Off-take Stimulus Scheme and the MSME Grant portal opening from February, 9th, 2021.  The Guaranteed Off-take Stimulus Scheme according to Amb. Katagum is aimed at protecting and sustaining the incomes of vulnerable Micro and Small Enterprises by guaranteeing the offtake of their products.   According to her, a total of 100,000 Micro and Small Enterprises are to benefit from the scheme.   The total target national number of beneficiaries is 100,000. The breakdown is as follows: Lagos, 3,880; Kano, 3,280; Abia, 3,080; while t...
Post a Comment
Read more

PRESIDENT BUHARI RECEIVES MADAGASCAN COVID-19 HERBAL “DRUG” FROM GUINEA BISSAU’S PRESIDENT EMBALO

PRESIDENT BUHARI RECEIVES MADAGASCAN COVID-19 HERBAL “DRUG” FROM GUINEA BISSAU’S PRESIDENT EMBALO President Muhammadu Buhari Saturday at the State House, Abuja, received the Madagascan native formulation against the Covid-19 pandemic, and reiterated that he will listen to science before allowing traditional or any new medicines to be administered on Nigerians. At an audience meeting with President Umaro Sissoco Embalo of Guinea Bissau who brought along with him the samples of the traditional medicine as shared to African nations by Madagascar, President Buhari said his position on all such herbal or traditional medicinal postulates had remained the same. “We have our institutions, systems and processes in the country. Any such formulations should be sent to them for verification. I will not put it to use without the endorsement of our institutions,” said the Nigerian President. On the main reason for his visit, President Embalo said having stabilized his country after the tus...
Post a Comment
Read more