The Nedbank Group will say goodbye to its CEO Mike Brown next year.
The group said on Wednesday that it would be appointing Jason Quinn to replace Brown.
Quinn is the former finance director at the Absa Group.
The 49-year-old banker had been with Absa for 15 years and will join Nedbank in May 2024.
The move is no means a done deal, as it is subject to regulatory approval. The South African Reserve Bank (SARB) also needs to give the go ahead for the appointment.
“After completing his notice period with his current employer, Quinn will assume the role of CEO, following Mike Brown’s planned retirement from the Nedbank boards at the close of the Nedbank Group annual general meeting currently scheduled for May 31, 2024,” Nedbank said.
News of this magnitude almost always impacts the group’s share price and it seems that the market approves.
Nedbank’s share price was stable on Thursday morning. At 10am the share price was trading at R208.40 per share.
It should be noted that over the last year the share price has been down by 8.41%.