Old Mutual Ltd. named acting CEO Iain Williamson as the African insurer's permanent head after winning a legal battle against Peter Moyo, who tried to get the CEO job back following his dismissal, according to Bloomberg.

The High Court in Johannesburg in January upheld an appeal by Old Mutual against a judgment delivered in July last year to temporarily reinstate Moyo, who was first suspended two months earlier before being fired. Old Mutual's board cited a "material breakdown in trust and confidence" over an alleged conflict of interest, which Moyo denies.

An actuary by profession, Iain has built a career at Old Mutual spanning almost three decades. He was appointed as Old Mutual emerging markets' finance director in 2015, chief operating officer of Old Mutual in 2017 and then interim CEO of Old Mutual in 2017.

"We are delighted at Iain's appointment. Over the last year, acting as Interim CEO, he has worked to steer Old Mutual through some significant leadership and operational challenges," Trevor Manuel, chairman of the board, said in a statement. "His steady hand, strategic mind, and authentic leadership style has been both refreshing and truly welcomed. We wish to thank Iain for his contribution during this time and we look forward to working with him as he leads the embedding of the Group's vision and purpose of championing mutually positive futures everyday."

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Old Mutual names new chief exec, concludes legal battle with former CEO

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