Banking

Nedbank on the hunt for a new CEO

Luke Fraser

 ·2 Jun 2023

Nedbank says it is searching for a new chief executive officer to replace Mike Brown when he retires.

In a voluntary trading update, the group said that the CEO search will follow its successful succession process for its chairperson, with Daniel Mminele taking over from today, 2 June 2023. Mminele is taking over the role from Mpho Makwana, the current chairperson of Eskom.

The Nedbank Group board, aided by a global search firm with a strong local footprint, is commencing a process to choose a successor to Brown.

Brown joined the group thirty years ago, becoming an executive director in 2004 and CEO in 2010.

Nedbank said that it has a strong track record regarding leadership succession and that the process will consider both internal and external candidates.

Although the group is looking for his replacement, Brown still has the confidence of its shareholders and board.

Brown will continue in the CEO role until his successor is found and will retire after the appointment has been made and a handover process has been completed.

Big money 

The new CEO is likely to receive a generous pay package.

In 2022, Brown received a total take-home pay package of R43.6 million for the year, which included a guaranteed salary of R9.6 million, a cash bonus of R17 million (R9 million in shares) and a long-term incentive payout of R17 million.

When looking on a per-day basis, the CE earned R119,452 a day.

However, his salary did drop from 2019, when he earned R53 million, working out to a total salary cut of 21.5% over three years.

Overall, in 2022, Nedbank’s seven top executives got paid a combined R203 million:

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