Nedbank names new CEO to replace Mike Brown

Nedbank Group has named Jason Quinn, former interim CEO at ABSA, as the successor to Mike Brown, who will retire in May next year. The announcement came after an exhaustive search process, which considered both internal and external candidates. In an exclusive interview with CNBC Africa's Fifi Peters, Daniel Mminele, Chairman of Nedbank, discussed why Quinn was chosen for the role. Mminele highlighted Quinn's proven track record, extensive financial services and banking experience, outstanding leadership qualities, and trusted relationships within the industry. Mminele emphasized that Quinn emerged as a standout candidate based on his skills, cultural fit, and leadership qualities, as assessed against the chief executive success profile developed by the board. The process included evaluating strategic priorities, skills, experience, background, personality traits, and mindsets, with Quinn excelling in all areas. Mminele addressed the decision to select an external candidate, stating that it was a relative evaluation and not a reflection of internal candidates' qualifications. The interview also touched on the importance of transformation in the banking sector, with Mminele affirming the board's commitment to diversity and empowerment. Quinn's appointment is seen as a step towards furthering NetBank's strategic priorities, including managing the balance sheet, optimizing risk-return trade-offs, improving rankings and returns in retail banking, leveraging technology investments, increasing return on equity, and promoting a sustainable organizational culture. Mminele expressed confidence in Quinn's ability to lead NetBank into the future and drive transformation within the organization. The transition process will involve observing contractual obligations, with Quinn set to join NetBank after a six-month cooling-off period. Mminele outlined the targets for Quinn, focusing on both performance and transformation objectives. Performance goals include sustaining and enhancing current strategies, optimizing technology infrastructure, and increasing return on equity. Transformation objectives entail digital innovation, talent attraction, organizational agility, sustainability initiatives, wealth business optimization, and Sub-Saharan Africa growth strategy. Quinn will collaborate with the leadership team to achieve these strategic priorities through a combination of short-term, medium-term, and long-term targets. The article details Mminele's insights into the selection process, Quinn's role in advancing NetBank's objectives, and the future direction under Quinn's leadership.