Johannesburg - First National Bank (FNB) chief executive Michael Jordaan has resigned, the board of First Rand Limited announced on Wednesday.

Jordaan, 45, would step down at the end of 2013, after 10 years at the helm of First National Bank.

He had indicated in 2010 that he would step down at the end of 2013, the bank said in a statement.

“He was comfortable that, having been chief executive for 10 years, he would have achieved the strategic and operational objectives that he set out for the business at the beginning of his tenure,” said FirstRand chief executive Sizwe Nxasana.

He would be succeeded by Jacques Celliers.

“During his career at FNB, Jacques has demonstrated a unique ability to bring leadership and innovative thinking to many aspects of FNB's operations.”

Nxasana said the board was confident the FNB management team would continue to thrive under Celliers' leadership.

Celliers, 41, is a member of the FNB executive committee, is chief executive of FNB Business Banking, and heads FNB's Indian expansion.

He used to run FNB's credit card and retail foreign exchange divisions.

He joined the company 12 years ago in an eCommerce developmental role and helped with the launch of

“I am both humbled and excited to be offered this opportunity to take over from Michael, who has left an incredible legacy of innovation and profitable growth,” said Celliers. - Sapa