Nedbank Announces Changes to the Banks’ Group Executive Committee

Mike Brown, Nedbank Group Chief Executive has announced the following changes to the banks’ Group Executive Committee (Group Exco).

Mfundo Nkuhlu to succeed Graham Dempster as COO and appointed as Executive Director
Graham Dempster, the current Chief Operating Officer (COO) and Executive Director reaches normal retirement age in May 2015. The portfolio comprises Group Technology, Balance Sheet Management, Group Strategy, Group Marketing Communications and Corporate Affairs, Group Human Resources and the Rest of Africa businesses.

In anticipation of Graham’s retirement and in line with the bank’s succession plans, Mfundo Nkuhlu, currently Managing Executive: Nedbank Corporate, will be appointed as COO from 1 January 2015. He will also be appointed as an Executive Director to the Nedbank Group and Nedbank Limited Boards from 1 January 2015, subject to regulatory approvals.

Mfundo was appointed head of Nedbank Africa in 2004 and head of Corporate Banking in 2005 before becoming a member of Group Exco in 2008 and Managing Executive: Nedbank Corporate in 2009. As a member of Group Exco, Mfundo has also been closely involved in the oversight of business strategies across Nedbank and has delivered strong and consistent performance in Nedbank Corporate.

Prior to joining Nedbank, Mfundo was the executive responsible for strategy, revenue and economic analysis at the South African Revenue Services (SARS) and Chief Director in the DTI responsible for Africa and NEPAD.
From 1 January 2015, Graham will work alongside Mfundo and lead our strategically important activities in the rest of Africa. Graham will remain an Executive Director until his normal retirement date. The succession process for the role of Managing Executive: Nedbank Corporate will be completed before Mfundo takes up his new role on 1 January 2015.

Philip Wessels appointed as Managing Executive: Retail and Business Banking
Philip Wessels, currently the Chief Risk Officer (CRO), has been appointed as Managing Executive: Retail & Business Banking with effect 1 August 2014, following Ingrid Johnson’s recent appointment as Group Finance Director of Old Mutual plc.

Philip is an experienced banker with the technical and leadership skills for this pivotal role in the bank. He has been the CRO and a member of Group Exco since 2004. He has extensive retail and business banking experience, previously holding positions of Divisional Director of Nedbank Business Banking, non-executive director of Imperial Bank which included MFC (Nedbank Retail’s vehicle finance business) and various executive roles at BoE and Boland Bank between 1995 and 2003. Philip is a qualified chartered accountant and ended his career in the profession as managing partner of the Deloitte Financial Services practice in 1995.

In his role as CRO, Philip has detailed oversight of the retail credit and risk environment and as a member of Group Exco, he has been closely involved in the retail and business banking strategies.

During Philip’s tenure as CRO, Nedbank’s governance practices have come to be highly regarded in the financial services industry and in 2011, he received the Risk Manager of the Year award from the Institute of Risk Managers of South Africa.

Trevor Adams appointed as Chief Risk Officer
Trevor Adams, currently Group Managing Executive: Balance Sheet Management will take over as Chief Risk Officer with effect 1 August 2014, replacing Philip.

Trevor has been head of Balance Sheet Management and a member of Group Exco since 2009. He has extensive risk and credit experience, having designed Nedbank’s Enterprise-wide Risk Management Framework and led the group’s successful Basel II and Basel III implementations. Prior to joining the Group in 1996 he was a partner at Deloitte, where he specialised in banking and risk management, and collectively has over 21 years’ banking and risk management related experience. Trevor recently completed the Advanced Management Programme at Harvard, USA.

The process of appointing a replacement for Trevor in his role as Group Managing Executive: Balance Sheet Management will commence shortly, with Graham Dempster overseeing this portfolio, in addition to his COO responsibilities, in the interim.
“Mfundo, Philip and Trevor are experienced bankers and existing members of the Group Exco. This will ensure continuity in strategy and leadership and we are fortunate to be able to appoint candidates of their calibre from within Nedbank into these important positions. We have skilled, experienced leaders and these changes strongly position us to achieve our growth strategies and our vision to be Africa’s most admired bank. I wish them success in their new roles”, said Brown