Former Telkom CEO Sizwe Nxasana`s appointment as chief executive of FirstRand Bank will be effective on 1 January 2006.
Nxasana will replace Paul Harris, who is taking over from Laurie Dippenaar as group CEO when he steps down at the end of the year.
Nxasana will be responsible for the overall operations of FirstRand Bank. This will include the chief executives of WesBank, Rand Merchant Bank and First National Bank reporting directly to him.
"When it was announced that Nxasana was to leave Telkom, the bank discussed the possibility of him coming on board as one of the top-level managers," says Samantha Moss, director of investor and media relations at the bank.
"The appointment involved a critical selection process and the bank took into consideration that for the past two years he was a non-executive director of FirstRand Bank," says Moss.
The bank has restructured its senior management team due to Dippenaar`s resignation, Moss explains.
Nxasana is a chartered accountant, has a BCom from the University of Fort Hare and BCompt honours from the University of SA. In 1989 he established Sizwe & Co, the first black-owned audit practice. In 1996 he became the founding partner of Nkonki Sizwe Ntsaluba and in 1998 he joined Telkom SA as CEO.
His experience in the financial services industry includes non-executive directorships since 2003 at FirstRand Bank and Rand Merchant Bank, non-executive director of NBS Boland Bank from 1995 to 1998, and non-executive director of the Development Bank of SA from 1995 to 1998.
Related story:
Nxasana to leave Telkom
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