| Tue 17 Mar 2009, 8:00 | | NED / NBKP - Nedbank - Appointment of CEO Designate |
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NED NBKP
NED NBKP
NED / NBKP - Nedbank - Appointment of CEO Designate
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
("Nedbank Group" or "the group")
NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE share code: NBKP
ISIN: ZAE000043667
APPOINTMENT OF CHIEF EXECUTIVE OFFICER DESIGNATE
The boards of directors of Nedbank Group and Nedbank Limited have pleasure in
announcing the appointment of Mike Brown as Chief Executive Officer designate.
He will succeed Tom Boardman who retires from the group in February 2010.
Brown (42) is currently the group`s Chief Financial Officer and an executive
director, positions he has held since June 2004.
Nedbank Group chairman, Reuel Khoza, commented: "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 other Nedbank executives, we are
particularly pleased to appoint an internal candidate with such extensive
banking and financial expertise.
"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.
"By announcing the successor now we will have the benefit of a smooth handover
in the Chief Executive`s office over the next year. My board colleagues join me
in wishing Mike every success during this transition phase and in his new role
of Chief Executive of Nedbank Group."
The selection process for the recruitment of a new Chief Financial Officer will
commence shortly.
Background information on Mike Brown:
A commerce graduate from Natal University, Brown worked for Deloitte and
qualified as a chartered accountant in 1988. He received the Jack Armstrong
award for the best final year Diploma of Accountancy student. After working in
the United States and London, he joined the NBS Treasury department in 1993. He
then moved to NBS Corporate (later BoE Corporate) and was instrumental in
establishing the Specialised Finance and Private Equity divisions. Following the
merger of NBS Corporate and the commercial and industrial lending division of
BoE Private Bank, Brown was appointed Deputy Managing Director of BoE Corporate
and then Managing Director of the division in 1999. He was appointed an
executive director of BoE Limited in October 2001 and head of Property Finance
in Nedbank Corporate following the Nedbank/BoE merger in 2002. In June 2004 he
was appointed as Chief Financial Officer and an executive director of Nedbank
Group.
Sandton
17 March 2009
For further information contact
Tier 1 Investor Relations
Tel: +27 (0)21 702-3102
Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Date: 17/03/2009 08:00:01 Produced by the JSE SENS Department.
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