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FirstRand CEO Sizwe Nxasana to step down
FirstRand CEO Sizwe Nxasana will step down from his role on September 30, after nine years at the banking group. Nxasana will be replaced by his deputy CEO, Johan Burger, who started his career at RMB in 1987.
As deputy CEO Burger will be succeeded by Rand Merchant Bank CEO Alan Pullinger. Pullinger has been at FirstRand since 1998.
When Nxasana reported his first set of results, for the year ended June 2010, FirstRand's market cap was R101.8bn.
During the course of trade on Friday, 6 March, FirstRand's market capitalisation was about R300bn.
Under his tenure FirstRand has become a top eight company on the JSE and is Africa's largest bank by market value and earnings.
In a statement FirstRand added that under Nxasana earnings in the group had grown by a 23% compound annual growth rate to R18.7bn in June 2014 from R8.3bn.
"Sizwe believes that, given the five years he has served in his current role as CEO of the group, with four years served as the CEO of FirstRand Bank, and in light of FirstRand's progress in implementing its strategy, it is time for him to step down," FirstRand said in a statement.
"Sizwe maintained and further strengthened the 'owner manager' culture that remains key to the group's success."
Before being appointed FirstRand CEO in 2010, Nxasana was FirstRand Bank Holdings CEO from January 2006.
Prior to that he was the CEO of Telkom and spearheaded the listing of the telecommunications group in 2003.
It was in 2003 after the Telkom listing that he first joined FirstRand as a nonexecutive director before graduating to senior executive level.
Nxasana told the Financial Mail last year that retirement was not in his vocabulary. He has previously expressed ambitions to start a mobile money company.
Source: BDpro
Source: I-Net Bridge
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