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. 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. It said that the payment should have been made directly to Old Mutual’s account. After appealing to a Johannesburg High Court, the insurer was ordered to temporarily reinstate Moyo back as ita CEO.

Source: The North Africa Journal July 07, 2020 09:15 UTC