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NED NBKP
NED NBKP
NED/NBKP - Nedbank Group/Nedbank Limited - Appointment Of Chief Executive And
Change Of Director Status
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 AND CHANGE OF DIRECTOR STATUS
Mike Brown has been appointed Chief Executive of Nedbank Group with effect from
1 March 2010 following the retirement of Tom Boardman.
Mike (43) was appointed Chief Executive Designate of the group in March 2009
which has allowed for a smooth transition in the Chief Executive`s office over
the past year. He was previously Chief Financial Officer of the group and has
been an executive director since June 2004.
Tom Boardman, who retired from the group with effect from 28 February 2010, will
continue to serve on the boards of Nedbank Group and Nedbank Limited in a non-
executive capacity with effect from 1 March 2010. He will not be classified as
an independent director as he has served as an executive of the group.
Nedbank Group Chairman, Reuel Khoza, thanked Tom for the significant
contribution he has made as Chief Executive of the group over the past six and a
half years.
"Tom implemented and successfully led the group through its turnaround from 2004
to 2007. His unwavering commitment to creating a vision led and values-driven
organisation saw a dramatic improvement in staff morale and an alignment of
values. Tom`s focus on sustainability also saw the group becoming one of the
most transformed companies in the country, cementing its position as the `green
bank` and creating a platform for long-term, sustainable growth. Under his
leadership Nedbank has shown its resilience and remained profitable and well
capitalised in the face of the challenging operating environment brought on by
the global financial crisis and slowdown in the local economy.
"My board colleagues join me in wishing Tom a healthy and fulfilling retirement
and we look forward to his continued contribution to the board as a non-
executive director. At the same time we wish Mike Brown every success in his new
role."
Sandton
1 March 2010
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
Sponsors to Nedbank Limited:
Investec Bank Limited
Nedbank Capital
Date: 01/03/2010 15:55:02 Produced by the JSE SENS Department.
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