Nedbank chief financial officer steps down

Nedbank chief financial officer (CFO) and executive director, Raisibe Morathi, has resigned after 11 years in the position, the group said in a statement on Tuesday (25 August).

Morathi will remain employed by Nedbank until the end of October to ensure an orderly handover, the group said.

Mike Davis, currently group executive: Balance Sheet Management (BSM) and an existing member of Group Exco has been appointed as CFO-designate with immediate effect, and as the group’s chief financial officer.

Davis (BCom(Hons), DipAcc, CA(SA), AMP) was appointed as group executive of BSM and to the group executive committee on 1 January 2015. “He has significant industry wide experience in finance, asset and liability management and capital management, having worked in financial services for over 20 years,” Nedbank said.

“I wish to thank the Board of Nedbank for the opportunity afforded to me over the last several years, the experience gained is truly invaluable. It is in that context that this is a moment of mixed emotions, sad to leave all my friends and colleagues at Nedbank whilst also looking forward to opening a new chapter in my career.

“I remain a true Nedbank loyalist whose connection as a client of 26 years will continue well beyond this period and I congratulate Mike Davis and wish him well in the role, with full confidence that he will do well,” Morathi said.

Vodacom announced on Tuesday that it has appointed Morathi as its new group CFO, effective 1 November 2020.

“Raisibe joins Vodacom from Nedbank Group, where she was the Group Chief Finance Officer since 2009. She was responsible for leading a team of over 900 people involved in finance and operations and focussed on strategic decision making impacting the Group,” Vodacom said.

Raisibe is a Chartered Accountant (SA) and has also completed an Advanced Management Programme (AMP) with INSEAD (France). Her other qualifications include a Higher Diploma in Taxation (Wits University) and she is currently a few months away from completing her Masters in Philosophy (Corporate Strategy) at GIBS.

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Nedbank chief financial officer steps down