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Old Mutual wins appeal against reinstatement of fired CEO

A South African court has upheld an appeal by Old Mutual Ltd. against a July 2019 ruling to temporarily reinstate former CEO Peter Moyo.

The insurer can now look for a replacement for Moyo. That said, it is likely that Moyo will seek to overturn the decision at the Supreme Court of Appeal.

Moyo was suspended May 2019 and fired June 2019 in a dispute over an alleged conflict of interest, including dividend declarations by NMT Capital (Pty) Ltd., a company he co-founded.

Old Mutual's stock rose 3.25% to 19.69 South African rand following the ruling, with shares climbing as much as 5.6%.

As of Jan. 13, US$1 was equivalent to 14.39 South African rand.