{"id":816329,"date":"2025-03-11T17:00:00","date_gmt":"2025-03-11T15:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=816329"},"modified":"2025-03-11T16:43:51","modified_gmt":"2025-03-11T14:43:51","slug":"south-african-banking-ceo-kisses-r60-million-goodbye","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/816329\/south-african-banking-ceo-kisses-r60-million-goodbye\/","title":{"rendered":"South African banking CEO kisses R60 million goodbye"},"content":{"rendered":"\n

Nedbank chief executive Jason Quinn lost R60 million in long-term incentive awards when he left Absa to join his current employer.<\/p>\n\n\n\n

Quinn started his career at Ernst & Young in 1992, where he held the role of partner from 2005 to 2008. However, banking was his calling.<\/p>\n\n\n\n

He is a banking veteran who spent most of his career at Absa. He joined the company in July 2008 as group financial controller.<\/p>\n\n\n\n

He was promoted to chief financial officer (CFO) of Absa\u2019s retail and business banking division before becoming head of finance in May 2014.<\/p>\n\n\n\n

In September 2016, Quinn became Absa\u2019s group financial director, a position he held until he departed from the banking group.<\/p>\n\n\n\n

Quinn also served as Absa’s interim group chief executive officer from April 2021 to March 2022 during a transition period.<\/p>\n\n\n\n

In November 2023, Absa announced that Quinn had resigned as group financial director of Absa Group and Absa Bank.<\/p>\n\n\n\n

The Absa board thanked Quinn for his \u201csignificant contribution to Absa since 2008 and wish him well in his future endeavours\u201d.<\/p>\n\n\n\n

On the same day, Nedbank announced<\/a> that Quinn would replace Mike Brown as chief executive at the close of the Nedbank Group AGM on 31 May 2024.<\/p>\n\n\n\n

Nedbank\u2019s group chairperson, Daniel Mminele, said they were delighted to have secured the services of an experienced leader of Quinn\u2019s calibre.<\/p>\n\n\n\n

Quinn’s appointment as chief executive was striking because Mminele, like Quinn, was also a previous Absa CEO.<\/p>\n\n\n\n

Mminele served as Absa’s chief executive officer from 15 January 2020 until 20 April 2021. He left the bank following clashes with the board.<\/p>\n\n\n\n

Despite his acrimonious departure, Mminele and the board agreed on a termination payment that included his unvested short-term and long-term incentives.<\/p>\n\n\n\n

Absa paid Mminele over R30 million in compensation as part of his termination agreement. It included nearly R500,000 in legal fees.<\/p>\n\n\n\n

Quinn did not enjoy the same privilege when he left Absa. The bank\u2019s latest annual report showed that he forfeited R60 million in incentives.<\/strong><\/p>\n\n\n\n

Absa said Jason Quinn ceased to be group financial director and executive director on 22 November 2023.<\/p>\n\n\n\n

\u201cHis fixed remuneration was pro-rated for the time served as an executive director during 2023,\u201d Absa said.<\/p>\n\n\n\n

The bank added that it did not grant Quinn any short-term or long-term incentive awards in respect of this period.<\/p>\n\n\n\n

Absa explained that in March 2022, as part of the transitional arrangements to the new group CEO, it entered into a retention agreement with Quinn.<\/p>\n\n\n\n

It explained that this agreement aligned with Absa’s commercial imperative to ensure continuity and stability at the senior executive level.<\/p>\n\n\n\n

However, Quinn forfeited 50% of all outstanding deferred short-term incentive awards and 100% of all long-term incentive awards on the date of notice of his resignation.<\/p>\n\n\n\n

Absa explained that he forfeited these incentives in terms of this retention arrangement and subsequent exit terms.<\/p>\n\n\n\n

The value of the awards subject to forfeiture, using the 31 December 2023 share price, was R60.1 million. Quinn retained deferred short-term incentive awards worth R6.6 million.<\/p>\n\n\n\n

\u201cThe awards subject to eligible leaver status will remain in the Share Incentive Plan and vest on their normal vesting date,\u201d Absa said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nedbank chief executive Jason Quinn lost R60 million in long-term incentive awards when he left Absa to join his current employer.<\/p>\n","protected":false},"author":10,"featured_media":733037,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,21973,21972,1811,1799],"class_list":["post-816329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-daniel-mminele","tag-jason-quinn","tag-mike-brown","tag-nedbank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/816329","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=816329"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/816329\/revisions"}],"predecessor-version":[{"id":816336,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/816329\/revisions\/816336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/733037"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=816329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=816329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=816329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}