Nedbank Group chairman passes away

Financial services firm Nedbank Group has announced the passing on of chairman of the group, Vassi Naidoo, on 28 September 2021.

Mpho Makwana, who has been acting chairman since Vassi was placed on medical leave of absence on 22 January 2021, said Naidoo brought a wealth of experience and wisdom to the role of chairman of the group and he will be greatly missed by all at Nedbank who knew him.

Mike Brown, the chief executive, said: “Vassi was a remarkable individual who was held in the highest regard both professionally and personally. As our chairman, he has made an indelible mark on Nedbank and during his long career at Deloitte he had a lasting influence on the lives of many young chartered accountants and the transformation of the accounting profession. We are grateful for his guidance, leadership and wise counsel.

“He has always been considered a pioneer in his field and, he used his position of influence as Nedbank chairman to bring about positive change and dedicated his time to finding ways to improve the lives of every South African including being the catalyst alongside Pravin Gordhan and the late Jabu Mabuza for the CEO Initiative.”

Naidoo was appointed to the boards of Nedbank Group Limited and Nedbank Limited as chairman on 11 May 2015. He was also the chairman of the WWF Nedbank Green Trust and a member of the Nedbank Group Directors’ Affairs Committee and the Group Related-party Transactions Committee.

Naidoo was chief executive of Deloitte Southern Africa from 1998 to 2006, a member of the Deloitte UK executive from 2006 to 2009 and a member of the Deloitte Global executive from 2007 to 2011, and thereafter vice-chair of Deloitte UK from 2009 to 2014.

He was a member of the South African Institute of Chartered Accountants, with honorary lifetime membership granted in 2011 for his contribution to the development of the profession in SA. He was also a member of the Institute of Chartered Accountants in England and Wales and a professor of practice in the Department of Accountancy at the University of Johannesburg.

In terms of Nedbank Group’s Board Continuity Programme, lead independent director, Mpho Makwana, will continue to serve as acting chairman and announcements on a permanent chairman and lead independent director will be made in due course.

Read: 3 big changes Nedbank customers can expect

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Nedbank Group chairman passes away