{"id":693473,"date":"2023-06-02T10:26:34","date_gmt":"2023-06-02T08:26:34","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=693473"},"modified":"2023-06-02T10:26:34","modified_gmt":"2023-06-02T08:26:34","slug":"nedbank-on-the-hunt-for-a-new-ceo","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/693473\/nedbank-on-the-hunt-for-a-new-ceo\/","title":{"rendered":"Nedbank on the hunt for a new CEO"},"content":{"rendered":"

Nedbank says it is searching for a new chief executive officer to replace Mike Brown when he retires.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Brown joined the group thirty years ago, becoming an executive director in 2004 and CEO in 2010.<\/p>\n

Nedbank said that it has a strong track record regarding leadership succession and that the process will consider both internal and external candidates.<\/p>\n

Although the group is looking for his replacement, Brown still has the confidence of its shareholders and board.<\/p>\n

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.<\/p>\n

Big money\u00a0<\/strong><\/p>\n

The new CEO is likely to receive a generous pay package.<\/p>\n

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.<\/p>\n

When looking on a per-day basis, the CE earned R119,452 a day.<\/p>\n

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.<\/p>\n

Overall, in 2022, Nedbank’s seven top executives got paid a combined R203 million:<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
Employee<\/strong><\/td>\nTotal Remuneration<\/strong><\/td>\nAverage per day<\/strong><\/td>\n<\/tr>\n
M Brown<\/td>\nR43.6 million<\/td>\nR119,452<\/td>\n<\/tr>\n
A Bosman<\/td>\nR31.5 million<\/td>\nR86 438<\/td>\n<\/tr>\n
M Nkuhlu<\/td>\nR30.1 million<\/td>\nR82 410<\/td>\n<\/tr>\n
M Davis<\/td>\nR28.1 million<\/td>\nR76 986<\/td>\n<\/tr>\n
C Thomas<\/td>\nR28.4 million<\/td>\nR77 808<\/td>\n<\/tr>\n
I Ruggiero<\/td>\nR20.7 million<\/td>\nR56 712<\/td>\n<\/tr>\n
T Sibiya<\/td>\nR20.6 million<\/td>\nR56 438<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Read<\/strong>: What R10,000 gets you in South Africa\u2019s major savings accounts<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nedbank have begun looking for a successor to Mike Brown. <\/p>\n","protected":false},"author":95,"featured_media":679711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26],"class_list":["post-693473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/693473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=693473"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/693473\/revisions"}],"predecessor-version":[{"id":693489,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/693473\/revisions\/693489"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/679711"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=693473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=693473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=693473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}