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Nedbank appoints Mike Brown as CEO designate |
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JOHANNESBURG (Reuters)
Mike Brown has been appointed Nedbank CEO designate.
Brown will succeed Tom Boardman who will retire from
the group in February 2010.
Brown is currently the group's chief financial
officer and an executive director, holding these
positions since June 2004.
"The directors are delighted to be able to appoint a
successor of Mike's calibre to the helm of Nedbank.
"Following an extensive search process where the
board considered local and international candidates,
as well as Nedbank executives, we are pleased to
appoint a new chief executive with Mike's extensive
banking and financial expertise," said Nedbank group
chairman, Reuel Khoza.
"Mike's appointment highlights the wealth of talent
and depth of succession planning within Nedbank. By
appointing an internal candidate we will ensure
stability at a critical time in the banking sector
locally and globally,"
"As chief financial officer Mike has worked very
closely with the board and the chief executive over
the past five years and has made a considerable
contribution to the strategic direction of the
group, the enhancement of capital and liquidity
management, as well as the group's internal and
external reporting." Appointing Mike as chief
executive designate at this stage will allow for a
smooth handover with Tom over the next year”, he
added.
Brown said he would continue building an
organisation that was vision-led and values-driven
with a differentiated corporate culture.
"We remain committed to transforming Nedbank into a
truly South African bank, working closely with the
Old Mutual group companies and building our retail
franchise through a superior client service
experience," he said. – Sapa |
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