Nedbank said it would start the process of choosing a successor to chief executive Mike Brown, who served in the role since 2010.
Brown joined the Natal Building Society (NBS) in 1993 and has not left the company since. NBS merged with Boland Bank to become NBS Boland, which then merged with the Bank of England.
Finally, in 2004, the group was acquired by Nedbank and fully integrated into the organisation. The same year, Brown took over as the bank’s chief financial officer (CFO).
Only a few years later, in 2010, Brown was appointed Nedbank CEO – a position he holds to this day.
After thirteen years at the helm, Nedbank said it “will start to look for a to Mike Brown who joined the Nedbank Group 30 years ago”.
Nedbank has 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,” Nedbank said.
Brown will continue in his current chief executive role until such time as a successor has been chosen.
He will retire after an appointment has been made, and a suitable handover process has been completed.
Brown is South Africa’s longest-serving banking CEO, having held the position for 13 years.
Brown succeeded Tom Boardman, the former CEO to whom he was close and learned much from.
The two shared similar ideals for the company and a belief that “the best organisations in the world are vision-led and value-driven”.