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Old Mutual’s Fired CEO Peter Moyo Seeking $16 Million in Damages

  • Old Mutual committed to “speedy resolution” of the dispute
  • Moyo was paid 36 million rand in 2018 as Old Mutual CEO
Peter Moyo
Peter Moyo Photographer: Sowetan/Gallo Images Editorial via Getty Images
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Old Mutual Ltd. said fired Chief Executive Officer Peter Moyo issued the South African insurer with a summons seeking damages totaling 250 million rand ($16 million).

The company will defend “any claim vigorously,” Johannesburg-based Old Mutual said in an emailed response to questions on Wednesday. The amount is in addition to the 36 million rand Moyo received for “doing the job” and 4 million rand for his six months notice period, it said. “Old Mutual believes that it was correct to dismiss Mr Moyo.”