End of an era for Nedbank
Nedbank has announced the early retirement of its Group Chief Operating Officer, Mfundo Nkuhlu, and that his role will be discontinued.
Nkuhlu has elected to take retirement at the end of the year, having reached the age of 60. He joined Nedbank in April 2004 as Managing Executive: Nedbank Africa.
He subsequently served as Managing Executive of Corporate Banking and Nedbank Corporate.
He was appointed COO and executive director of Nedbank Group and Nedbank Limited with effect from 1 January 2015.
He will retire from his role on 31 December 2026, and the Group COO role will be discontinued.
The responsibilities associated with the role will be reallocated within the existing Nedbank Group Executive Committee structure.
“During more than 22 years with the Nedbank Group, Mfundo has made a significant contribution to
the group’s strategy, operations and growth,” said Nedbank.
“As COO, he has played a key role in strengthening the group’s operational capabilities, driving strategic execution and supporting the group through periods of significant change and transformation.”
Outside of Nedbank, Mfundo also held several high-ranking roles, including Chairperson of the
Financial Sector Transformation Council.
He was also a member of the Board Exco of the Banking Association of South Africa.
Before joining Nedbank, he also held senior positions at the South African Revenue Service and the Department of Trade and Industry.
The group thanked Mfundo for his service, leadership, and contributions over the past 22 years.
Several companies in South Africa have recently cut their Chief Operating Officer role, with Eskom cutting the position following the departure of Jan Oberholzer in 2023.
The SPAR Group also cut the role after Megan Pydigadu was moved from COO to the CFO role, with COO duties split across a new executive team.
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