South Africa’s prominent banking institution, Nedbank, has revealed that Jason Quinn will step into the role of Chief Executive Officer (CEO), succeeding the retiring CEO Mike Brown in the coming year. Quinn, formerly associated with major competitor Absa, is awaiting regulatory approval, including the nod from the South African Reserve Bank (Sarb).
Pending the completion of his notice period with Absa, Quinn is slated to assume the position of CEO following Mike Brown’s planned retirement from the Nedbank boards at the conclusion of the Nedbank Group’s annual general meeting, tentatively scheduled for May 31, 2024, as confirmed in an official statement by the group.
Speculation had been rife regarding the successor to the Nedbank CEO position since Brown’s announcement of retirement earlier this year. Kuben Naidoo, the outgoing deputy governor of Sarb, was among the names circulating as a potential candidate after his recent resignation from the central bank.
Mike Brown, in jest, mentioned at a recent Nedbank media year-end function that double World Cup-winning Springbok captain Siya Kolisi would be the incoming Nedbank CEO, responding to numerous inquiries about the next leadership appointment.
To ensure a smooth transition, Mike Brown will continue to be part of Nedbank for a suitable period after stepping down from the boards, as stated in the official announcement by Nedbank.
Jason Quinn, aged 49, with a background in BAcc (Hons) and CA(SA), served as the financial director of Absa Group Limited and Absa Bank Limited until his recent appointment. He had joined Absa in 2008, holding various finance roles within the group and the Retail and Business Bank. Quinn also served as the interim Group CEO of Absa from April 2021 to March 2022.
Expressing gratitude for Mike Brown’s significant contributions as CEO since 2010, Nedbank Group chair Daniel Mminele highlighted Brown’s leadership during the challenging COVID period and his role in shaping the bank’s culture of diversity and inclusion.
Mminele also commended Brown for leading the successful managed separation from Old Mutual in 2018 and spearheading the bank’s digital transformation and innovation agenda. Brown’s departure after 30 years of service is expected to leave an enduring legacy at Nedbank.
Welcoming Jason Quinn’s appointment, Mminele, a former Sarb deputy governor, noted Quinn’s experience and proven track record in South African and African banking. The Nedbank Board is enthusiastic about the value Quinn will bring in building upon the foundations laid by Mike Brown and advancing Nedbank to new heights, Mminele added.