Fired Old Mutual boss Peter Moyo has resigned from his post on the board of South African financial services group Nedbank.
An agreement between Old Mutual and Nedbank allows the insurer to nominate one director to the board as long as it's stake is equal to or greater than 15% in the Nedbank group.
"Nedbank Group Chairman, Vassi Naidoo, thanked Peter for his contribution to the group since his appointment in 2018 in terms of the relationship agreement between Old Mutual Limited and Nedbank Group Limited, which provides for Old Mutual Limited to nominate one director to the boards of the Companies for as long as OML's shareholding is equal to or greater than 15% in Nedbank Group," the financial services firm said in a statement.
Moyo, who was a non-executive director at Nedbank, has been battling with Old Mutual over his sacking since he was dismissed following a dispute over a conflict of interest in June 2019. After winning a series of victories in court, he has lost at his last few hearings.
Last week, the Johannesburg High Court dismissed Moyo's urgent application to prevent Old Mutual from hiring a new CEO permanently after the court ruled that the former executive's dismissal in January was lawful.
Old Mutual's victory earlier this year allowed the company to finally initiate a search for a new CEO.