Paul Baloyi quits Old Mutual board

Old Mutual non-executive director, Paul Baloyi, has resigned from his position with immediate effect, the insurer announced earlier this week.

Baloyi’s resignation follows that of another board member in September, Nombulelo Pinky Moholi, who quit in the midst of a protracted legal battle between the company and its former CEO Peter Moyo.

In October, Old Mutual’s personal finance managing director Karabo Morule stepped down, citing personal reasons.

Baloyi’s term came to end on June 9, 2020, according to a notice to shareholders, and the company only revealed that the reason for his departure was that he was taking up a position at another financial services institution.

The board called his contribution during his tenure “tremendous”.

Baloyi has previously served as CEO and managing director of the Development Bank of Southern Africa and managing director at Nedbank.