“We are delighted to welcome Vassi Naidoo to our Board. Vassi’s extensive experience of banking and financial services and experience in Africa will benefit Nedbank and his position on the Company’s own Board will provide us with additional insight into these important areas of the Group’s business,” said Patrick O’Sullivan chairman of [DATA OML:Old Mutual] .

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Naidoo will succeed Reuel Khoza, who leaves [DATA NED:Nedbank] after serving a nine-year term, effective from May 1.

“We are very grateful for Reuel’s service on the Board of the Company and at Nedbank. He has been a constant source of guidance and wisdom to us during his tenure and is living testimony to “attuned leadership,” said O’Sullivan.

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Naidoo will also join the Old Mutual board as a non-executive member and will also become a member of the Board Risk and Nomination Committees.