FORMER Old Mutual CEO Peter Moyo has resigned from the Nedbank board with effect from Wednesday.

Moyo’s resignation comes amid a legal battle with his former employer Old Mutual over his dismissal in June 2019.

On Tuesday, the Johannesburg High Court dismissed Moyo’s urgent application to prevent Old Mutual from hiring a new CEO permanently after the court ruled that the former executive’s dismissal in January was lawful.

An agreement between Old Mutual and Nedbank allows the insurer to nominate one director to the board as long as it’s stake is equal to or greater than 15% in the Nedbank group.