Financial services group Discovery said on Thursday Tito Mboweni had resigned as a non-executive director from the board of the company and various subsidiaries with immediate effect following his appointment as South Africa’s new finance minister.
“Mr Mboweni was appointed to the Board of the Company in 2014 and Discovery wishes to thank him for his invaluable contribution over the past 4 years and wishes him well in his new role as the minister of finance,” it said.
President Cyril Ramaphosa announced Mboweni as the new finance minister on Tuesday after Nhlanhla Nene’s resignation.
Mboweni, a former ANC National Executive Committee member, was minister of labour in then-president Nelson Mandela’s Cabinet. In August 1999 he became the first black governor of the SA Reserve Bank, a position he held for 10 years until 2009.