Johannesburg – South Africa’s FirstRand said on Friday that James Formby will become chief executive of Rand Merchant Bank (RMB) when current CEO Alan Pullinger becomes Group Deputy CEO on September 30.
Pullinger’s appointment was announced on March 6 as part of a number of management changes. Until he takes the RMB reins at the end of the month, Formby will take up the role of Deputy CEO of RMB with immediate effect to ensure an appropriate handover, FirstRand said in a statement.
Formby has been with RMB since 1997, starting his career as a transactor in Corporate Finance and was appointed Deputy Head of the Investment Banking division in 2009. Most recently he has been Head of Coverage and therefore instrumental in the successful execution of RMB’s broader corporate and investment banking strategy.
“RMB is fortunate to have the necessary depth and quality of management to enable a sustainable succession process,” FirstRand said.
ANA