Peter Moyo is stepping down as nonexecutive chairman of Vodacom after seven years on the telecommunications group’s board.
He will retire and step down on 18 July, the date of Vodacom’s annual general meeting of shareholders. He is leaving to take up the role of CEO of Old Mutual Emerging Markets, replacing Ralph Mupita, who resigned from that role in order to take up the position of group chief financial officer of Vodacom rival MTN.
Moyo will become Old Mutual Emerging Markets CEO on 1 June, Vodacom said.
“The board would like to take this opportunity to thank Peter for his leadership and dedication to the board and Vodacom over the past seven years,” the group said in the statement.
“Peter joined Vodacom at listing in May 2009 and has made a considerable contribution to the board both in its governance and in its deliberations. The board wishes him much success in his new role at Old Mutual,” it said, adding that it is in the process of identifying a new independent chairman and a further announcement will be made in due course.
In a separate statement, Old Mutual said Moyo has “deep financial services experience, having been CEO of Alexander Forbes from 2005 to 2008 and prior to that deputy MD of Old Mutual South Africa from 2000 to 2005, having joined as divisional manager in 1997”.
In the statement, Old Mutual Emerging Markets chairman Trevor Manuel said: “He is not afraid of asking tough questions and challenging the status quo, which will be hugely valuable during this critical period for the business as we prepare for a listing.” — (c) 2017 Bloomberg LP
