The search is on for Nedbank’s new CEO

Lender Nedbank has begun its search for a new CEO to replace Mike Brown (57), who has been at the bank’s helm for 14 years.

New Nedbank CEO

Mike’s tenure at the banking group spans 30 years. Before he was appointed to the CEO role in 2010, he held the role of chief financial officer from 2004.

On Friday, the bank announced it has begun searching for Brown’s successor, three months after appointing former Reserve Bank deputy governor Daniel Mminele as the bank’s chair, effective 2 June.

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He replaced Mpho Makwana.

Nedbank did not mention the expected lead time to appoint a new CEO but said Brown will continue in his role until his successor is hired.

It said the search will consider both internal and external candidates.

“Brown continues to enjoy the total confidence of shareholders and the board,” Makwana.

Suitable successor

Speaking of the succession process, Brown said the timing is opportune after nearly a decade-and-a-half in the CEO hot seat

“I am fully supportive of this process, and I remain 100% committed to continuing in my current chief executive (CE) role until such time as a suitable successor has been chosen and a handover process has been completed.

“After nearly 14 years in the role, I believe the timing is right to start a process that, when completed, will ensure I seamlessly pass the baton on to the next CE of Nedbank,” said Brown.

This article originally appeared on Moneyweb and was republished with permission.
Read the original article here.

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