By Ntando Thukwana.
Nedbank has appointed outgoing chair of Alexforbes, Daniel Mminele, as an independent non-executive director and chairperson-designate.
Mminele’s resignation from Alexforbes is effective from 30 April, with his role as Nedbank’s independent non-executive director role begins on 1 May.
He is to be elected as chairperson immediately after the conclusion of Nedbank’s annual general meeting, which will be held on 2 June, the bank said.
Mminele, who is also Absa’s former CEO, will succeed Nedbank’s current chairperson Mpho Makwana, who is also the acting chairman of Eskom.
Makwana has served as non-executive chairperson since December 2021, following more than nine years on the Nedbank Board. He will retire at the conclusion of the June AGM.
Mminele also recently stepped down from the Presidential Climate Finance Task Team, where he spearheaded investment plans for South Africa’s Just Transition projects.
Commenting on his appointments, Mminele said he looks forward to delivering on Nedbank’s strategic commitments and ambitions.
Nedbank lead independent director Hubert Brody said the bank will benefit from Mminele’s vast expertise and experience in banking and financial services, as well as climate finance.
Mminele’s career has seen him serve two five-year terms as the South African Reserve Bank’s (Sarb’s) deputy governor, where he was tasked with duties related to financial markets, international economic relations and policy, during his last term.
He was also a member of the Governors’ Executive Committee, the Monetary Policy Committee, Financial Stability Committee, Risk Management Committee and the Prudential Committee.
He joined the Sarb in 1999, and worked for African Merchant Bank and Commerzbank in South Africa, as well as WestLB in the UK and Germany for 12 years before then.