Absa Group’s financial director Jason Quinn is set to become the CEO of Nedbank, the banks announced yesterday.
Nedbank said yesterday that Quinn, 49, had been appointed as group CEO- designate of Nedbank Group and Nedbank. The bank had announced on June 2 this year the start of a succession process for the chief executive of the bank.
“After completing his notice period with his current employer, he will assume the role of CE on Mike Brown's planned retirement from the boards at the close of the Nedbank Group annual general meeting, currently scheduled for 31 May 2024,” Nedbank’s board said in a statement.
Meanwhile, Absa Group announced Quinn’s resignation, and that he would no longer be an executive director on the boards of Absa Group and Absa Bank, with immediate effect.
Absa Group said Chris Snyman, an executive director on both boards and Head of Financial Decision Support, would become the interim group financial director with immediate effect, subject to regulatory approval.
Brown would remain at Nedbank for a period, after he stepped off the boards, for a seamless handover to Quinn.
Quinn was appointed as Absa’s financial director in 2016. He joined Absa in 2008 where he held finance roles in the group and the Retail and Business Bank.
Nedbank chairperson, Daniel Mminele, said Brown championed the group's purpose of using its financial expertise to do good and positively shaped the culture of Nedbank by fostering a culture of diversity and inclusion and the Group had maintained Level 1 BBBEE ratings for the last 5 years. Brown had also led the managed separation from Old Mutual that was successfully concluded in 2018.
Quinn said in a statement: “I am excited about the opportunity to work with the board, leadership team and colleagues at Nedbank to build on the group's strong foundations.”
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