Nombulelo "Pinky" Moholi has resigned from Old Mutual with immediate effect

Moholi's resignation as non-executive director comes amidst Old Mutual's court battle with CEO Peter Moyo.

On Thursday 19 September, Old Mutual announced the resignation of non-executive director Nombulelo “Pinky” Moholi. She has also stepped down as chairman of the remuneration committee of the company as of 18 September 2019 for personal reasons. 

In a statement, Old mutual chairman Trevor Manuel and the board expressed their deepest appreciation for Moholi’s “significant contribution to the success of the company”. 

According to the statement, Moholi had wished the board all the best during this difficult time and stated that she was honoured to have had the privilege to serve as a director of the company over the last seven years. 

Moholi is an independent non-executive director of Woolworths Holdings and Anglo American Platinum. She has previously been the group CEO and executive director of Telkom South Africa. She has also served as group executive of strategy, marketing and corporate affairs and on the executive committee of Nedbank

Moholi’s resignation comes in the midst of an ongoing court battle between Old Mutual and its CEO Peter Moyo. In an interview with Business Day last week, she called Moyo “talented” and “experienced”, saying she believed it was “difficult for the board to conclude that it had lost confidence and trust in him”.