| Wed 5 Aug 2009, 8:02 | | NED / NBKP - Nedbank Group - New Executive Structure And Appointment Of |
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NED NBKP
NED NBKP
NED / NBKP - Nedbank Group - New Executive Structure And Appointment Of
Executive Directors
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
NEW EXECUTIVE STRUCTURE AND APPOINTMENT OF EXECUTIVE DIRECTORS
The boards of directors of Nedbank Group and Nedbank Limited have pleasure in
announcing the new executive structure which will be implemented with effect
from 5 August 2009 and the appointments of Graham Dempster as an executive
director to both boards with immediate effect and Raisibe Morathi as an
executive director to both boards when she joins the group on 1 September 2009.
Nedbank Group`s new Group Executive Committee (Group Exco) is as follows:
* As previously announced, Tom Boardman retires as Chief
Executive Officer (CEO) on 28 February 2010. Mike Brown
will take over from Tom Boardman as CEO with effect from
1 March 2010.
* Graham Dempster, currently Managing Executive: Nedbank
Corporate, has been appointed to the newly created
position of Chief Operating Officer (COO) reporting to
the CEO. The following people and functions will report
to him:
- Raisibe Morathi, CA (SA), H Dip Tax, who will join the
group on 1 September 2009 as Chief Financial Officer
(CFO). Raisibe has 15 years experience in the
financial services sector and has held senior
positions in banking and insurance. Most recently she
has been an executive director of a listed insurance
company.
- Fred Swanepoel - Chief Information Officer. No change
in position.
- Trevor Adams, who for the last 5 years has been in
charge of Group Capital Management as well as the
Basel ll implementation in which he lead the
advancement of risk, capital and shareholder value-
based management across the group, joins the Group
Exco in the new role of Group Executive: Balance Sheet
Management and will be responsible for asset and
liability management as well as capital management
- Shirley Zinn - Group Executive: Human Resources. No
change in position.
- Group Executive - Marketing and Corporate Affairs
(candidates being considered).
- Executive Head - Group Strategic Planning (candidates
being considered).
* Mfundo Nkuhlu is appointed as Managing Executive: Nedbank
Corporate having previously held the role of Deputy
Managing Executive: Nedbank Corporate.
* Brian Kennedy - Managing Executive: Nedbank Capital. No
change in position.
* Ingrid Johnson assumes additional responsibility as
Managing Executive: Retail and Business Banking with the
following people and functions reporting to her:
- Sakhiwo (Saks) Ntombela who is appointed as Managing
Executive: Retail. Saks is currently Managing
Executive: Retail Banking Services and has been a
member of the retail executive team for five years.
- Managing Executive: Business Banking (candidates being
considered).
* Dave Macready joins the Group Exco as Managing Executive:
Bancassurance and Wealth. Dave has held this position for
five years, and following the integration of the former
joint ventures with Old Mutual and given the strategic
importance of this business and its growth potential,
this business will become a separate cluster, having
previously been part of Nedbank Retail.
* Philip Wessels - Chief Risk Officer. No change in
position.
* Selby Baqwa - Chief Governance and Compliance Officer. No
change in position.
Nedbank Group chairman, Reuel Khoza, said: "We welcome Graham and Raisibe`s
appointments to the boards. Graham is one of our most experienced bankers with
over 28 years of service. We are indeed fortunate to have attracted a candidate
of Raisibe`s calibre to Nedbank. Raisibe has a wealth of financial industry
experience and we are pleased to have appointed our first black female executive
director. Our board is already one of the most transformed in the financial
services sector and with the new appointments to the Group Exco we have a
transformed leadership team with an appropriate depth of experience and skills.
The board looks forward to working with this exciting team of people."
Following the appointment of the two executive directors, the board composition
will be as follows:
Independent non-executive directors: 12
Non-executive directors: 4
Executive directors: 4 (this will reduce to 3 on Tom Boardman`s retirement at
the end of February 2010).
Sandton
5 August 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: 05/08/2009 08:02:23 Produced by the JSE SENS Department.
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