Nedbank Group on Friday announced it is looking for a new chief executive (CE) for a bank worth N$103 billion as Mike Brown is set to retire after 14 years at the helm.
Brown received a remuneration package of N$43,6 million last year.
He has 30 years’ experience of working at the banking group.
He took up the CEO position in 2010 and previously held the role of chief financial officer.
In its voluntary trading statement, the group said it would commence a process to choose a successor to Brown, supported by a global search firm with a strong domestic presence.
It said it had a strong track record of effective leadership succession, and this process would 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.
Brown said: “I am fully supportive of this process, and I remain 100% committed to continuing in my current chief executive role until such time as a suitable successor has been chosen and a handover process has been completed.
“After nearly 14 years in the role, I believe the timing is right to start a process that, when completed, will ensure I seamlessly pass the baton on to the next CE of Nedbank.”
According to Nedbank’s 2022 integrated report, Brown received a guaranteed salary of N$9,6 million, a cash bonus of N$17 million (N$9 million in shares), and a long-term incentive payout of N$17 million.
The total package amounted to N$43,6 million for the year. In 2022, Nedbank’s seven top executives were paid a combined N$203 million.
Brown has a very prominent voice as a business leader in South Africa and has in the past called for urgent and decisive leadership on Transnet’s woes, load-shedding and water infrastructure, which are dampening the economy.
Meanwhile, Nedbank hasn’t revealed what they are looking for in a candidate. – IOL News
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