By Lehlohonolo Lehana.
Nedbank Group said it would start the process of choosing a successor to chief executive Mike Brown, who served in the role since 2010.
Brown joined the Natal Building Society (NBS) in 1993 and has not left the company since. NBS merged with Boland Bank to become NBS Boland, which then merged with the Bank of England.
Finally, in 2004, the group was acquired by Nedbank and fully integrated into the organisation. The same year, Brown took over as the bank’s chief financial officer (CFO).
Only a few years later, in 2010, Brown was appointed Nedbank CEO – a position he holds to this day.
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 banks chair, effective 2 June.
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, the bank said.
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.
He will retire after an appointment has been made, and a suitable handover process has been completed.