Nedbank Shakeup: Board Dynamics Shift

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:

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.