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BL Premium reports that Nedbank has started the search for a new CEO to replace Mike Brown, who has been at the helm since 2010 and an executive director since 2004.
“Nedbank has a strong track-record of effective leadership succession, and this process will consider both internal and external candidates. Mike, who is 57 years of age, continues to enjoy the total confidence of shareholders and the board. He will continue in his current CEO role until such time as a successor has been chosen and will retire after an appointment has been made and a suitable handover process has been completed,” the banking group advised on Friday. In other leadership changes, Friday was the first day on the job for new chair Daniel Mminele. Commenting on the reporting period, Nedbank noted that international and domestic economic growth had slowed, followed by high inflation and the resultant interest rate hikes. On home soil, this was worsened by intensified load-shedding as SA’s power crisis and problems at the state-owned power utility Eskom continued.
- Read the full original of the report in the above regard by Nico Gous at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page