Nedbank has appointed former Absa financial director Jason Quinn as its chief executive (CE)-designate, pending regulatory approvals.
After completing his notice period with Absa, Quinn will assume the role of CE, following Mike Brown’s planned retirement from the Nedbank boards at the close of the bank’s annual general meeting, scheduled for 31 May 2024.
Brown joined Nedbank Group 30 years ago, and has been chief executive since 2010, and an executive director since 2004.
During his tenure at the helm, Brown has widely been credited for driving Nedbank’s multibillion-rand digital transformation project, dubbed “Managed Evolution”.
In its interim results for the six months to 30 June, published in August, the financial institution said the build-out of its modern, modular and agile technology platform had reached 93% completion.
When Nedbank announced its financial results for the 12 months to 31 December in March, it said the project was 91% complete. In August last year, the bank said the R9 billion digital transformation project was 89% complete.
The initiative, which seeks to provide Nedbank with a total refresh of its digital platforms, kicked off in 2016.
In a statement yesterday, the big-four bank says Brown will remain at Nedbank for a suitable period after he steps down from the boards, to ensure a seamless handover to Quinn.
Quinn, (49) (BAcc (Hons), CA(SA), was most recently financial director of rival bank Absa, having been initially appointed to that role in 2016.
He joined Absa in 2008, where he held finance roles in the group and the Retail and Business Bank.
He was also interim group CEO of Absa from April 2021 to March 2022. Prior to Absa, he joined Ernst & Young in 1992, where he held the role of partner from 2005 to 2008.
Nedbank Group chairperson Daniel Mminele conveyed his appreciation for Brown’s contribution as CE since 2010 and prior to that as chief financial officer from 2004.
“Mike’s leadership during the COVID period earned him the Sunday Times Business Leader of the Year award in 2020, an award based on the outcome of the votes of the CEOs of the top 100 companies listed on the JSE.
“He also led the managed separation from Old Mutual that was successfully concluded in 2018. In a competitive landscape, he spearheaded the bank’s digital transformation and innovation agenda, as well as the successful Managed Evolution technology rebuild, which established Nedbank’s credentials as a leader in digital innovation.
“Mike has also been instrumental in fostering Nedbank’s commitment to the green agenda as a strategic imperative.”
With regards to the appointment of Quinn as CE-designate, Mminele says: “The board is delighted to have secured the services of an experienced leader of the calibre of Jason, with a proven track-record in banking in South Africa and other parts of the African continent to build upon Mike’s legacy. Jason’s appointment follows a rigorous process led by the board, considering both internal and external candidates from which Jason emerged as the most suitable candidate.”
Quinn notes: “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. I have been encouraged by my interactions with the board, and the leadership culture and purpose statement resonate strongly with me. I intend to build on those and the strategy, with the team, to deliver strong stakeholder value creation.”