Nedbank Shakeup: Board Dynamics Shift

  • Resignation of Key Director: Mteto Nyati resigns from Nedbank Group and Nedbank Boards due to increased capacity constraints.
  • Impact on Committees: Nyati's departure affects key committees, including Group IT Committee, requiring the appointment of new leadership.
  • Continuity Assured: Despite changes, Nedbank Group assures shareholders of stable operations, with plans to appoint new committee leaders soon.
By Lethabo Ntsoane

In a recent development, Nedbank Group Limited and Nedbank Limited have announced significant changes in their board structures. Mteto Nyati, an independent non-executive director, has tendered his resignation from both the Nedbank Group and Nedbank Boards of Directors. The decision, effective from 9th October 2023, was made due to increased capacity constraints faced by Nyati, compelling him to step down from key positions within the bank.

Nyati’s departure marks the end of an era, during which he served as a vital voice in the decision-making processes of the Boards. He also relinquishes his roles as the chair of the Group IT Committee, and as a member of the Group Directors’ Affairs Committee and Group Risk and Capital Management Committee. Nedbank Group Chairperson, Daniel Mminele, expressed his gratitude for Nyati’s invaluable contributions to the boards since his appointment. Mminele extended his best wishes to Nyati for his future endeavours.

Despite this departure, the Boards assure shareholders that all Board committees remain properly constituted. There will be an announcement in due course regarding the appointment of a new chairperson for the Group IT Committee, ensuring that vital functions within the organization continue seamlessly.

Here’s a summary of the key changes:

PositionDeparting MemberEffective Date
Independent Non-Executive DirectorMteto Nyati9th October 2023
Chair of Group IT CommitteeMteto Nyati9th October 2023
Member of Group Directors’ Affairs CommitteeMteto Nyati9th October 2023
Member of Group Risk and Capital Management CommitteeMteto Nyati9th October 2023

The departure of Nyati, a respected figure within Nedbank Group, marks a moment of transition. The organization recognizes the need to adapt to changing circumstances and remains committed to ensuring stability and continuity in its operations.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo