Nedbank announced on Friday that it was seeking a new Chief Executive as Mike Brown its CEO is set to retire after 14 years at the helm.
In its voluntary trading statement, the group said supported by a global search firm with strong domestic presence, it will commence a process to choose a successor to Brown.
The group said it had a strong track-record of effective leadership succession, and this process will consider both internal and external candidates.
"Mike, who is 57 years of age, continues to enjoy the total confidence of shareholders and the board.
"He will continue in his current CE role until such time as a successor has been chosen and will retire after an appointment has been made and a suitable handover process has been completed," the group said.
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According to the Nedbank's 2022 integrated report, in 2022, Brown received a guaranteed salary of R9.6 million, a cash bonus of R17 million (R9 million in shares) and a long-term incentive payout of R17 million.
The total package amounted to R43.6 million for the year.
Meanwhile, Daniel Mminelle, is starting his first day on the job as the new chair.