Sacked Old Mutual CEO Peter Moyo has instructed his lawyers to appeal Tuesday’s High Court ruling which confirmed that Old Mutual did not have to reinstate him.
The court upheld the insurance and banking group’s appeal against Moyo with costs.
Old Mutual has been locked in a dispute with Moyo since it suspended him in May 2019 in relation to an alleged conflict of interest.
He was fired in June, then temporarily reinstated by the courts in July in a ruling that also blocked the insurer from seeking a replacement.
Moyo’s lawyer Eric Mabuza said that he would soon be communicating their decision to appeal with Old Mutual.
“I see that there has been some misreporting that Old Mutual can now go ahead and appoint a new CEO. That’s not the case. Once we inform them of our appeal, they’re not entitled to do that. The old judgment continues to be enforced and the new judgment is suspended.”
However, Old Mutual said that after today’s court ruling, the board was now free to continue with its search for a new CEO.