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17 April 2015 – FirstRand Limited today announced that James Formby has been appointed chief executive of Rand Merchant Bank (RMB), a division of FirstRand Bank Limited. Formby will take over from current chief executive Alan Pullinger on 1 October when Pullinger becomes FirstRand group deputy chief executive on 30 September. Formby will become RMB deputy chief executive with immediate effect to ensure a smooth handover.
Formby has been with RMB since 1997 when he started as a transactor in Corporate Finance. He was appointed deputy head of the Investment Banking division in 2009. Most recently, he has been head of Coverage and also a member of the management and proprietary boards, playing an important role in the successful execution of RMB’s broader client-focused corporate and investment banking strategy.
Formby matriculated at St John’s College in Johannesburg and studied accounting at the University of Cape Town, after which he completed his articles at Deloitte & Touche.
“As the new chief executive of RMB, I aim to continue to build our franchise as a leading African corporate and investment bank,” Formby says. “I am surrounded by hugely competent and experienced colleagues, so I know I have the team to take on the challenges in a competitive and changing environment.”
Says Pullinger: “We are fortunate to have the necessary depth and quality of management for a sustainable succession process at RMB, and had a number of outstanding candidates for the position. James emerged as the preferred choice after a comprehensive and considered process”. We congratulate him on his appointment and believe that he is the right candidate to take RMB to greater heights.”
Pullinger has been RMB chief executive since 2008, having joined the bank in 1998.
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