Mteto Nyati steps down from Nedbank board

Admire Moyo
By Admire Moyo, ITWeb's news editor.
Johannesburg, 06 Oct 2023
Mteto Nyati has resigned from the Nedbank board.
Mteto Nyati has resigned from the Nedbank board.

One week after resigning from the Telkom board, businessman Mteto Nyati has stepped down from the Nedbank board.

He joined the Nedbank board in October last year.

In a statement to shareholders today, the big-four bank says Nyati has resigned as an independent non-executive director of the Nedbank Group and Nedbank boards of directors, with effect from 9 October 2023, as a result of increased “capacity constraints”.

It notes Nyati accordingly also steps down as a member and chairman of the group IT committee, and member of the group directors’ affairs committee, and group risk and capital management committee.

When he resigned from the Telkom board last week, the telecommunications company also cited “capacity constraints” as the reason.

Nedbank group chairperson Daniel Mminele thanked Nyati for his contribution since his appointment.

“The group wishes him well in his future endeavours,” the bank says.

While Nyati still sits on the Eskom board, he also recently left the Massmart board of directors.

In November last year, Nyati, through his investment vehicle Wazo Investments, bought a controlling stake in Johannesburg-based consultancy firm Business Systems Group (BSG). He owns a 40% interest in BSG.

The home-grown BSG competes with multinationals such as Deloitte, Accenture and KPMG in the South African and African consultancy space.

Nyati is former Microsoft South Africa MD, MTN South Africa CEO and Altron group CEO.