Nedbank Group Ltd. has appointed Jason Quinn, formerly Absa Group Ltd.’s financial director, as its next CEO, succeeding Mike Brown. Quinn, Absa’s interim CEO until March 2022, takes the reins on May 31. With South Africa’s economy projected to grow only 1%, Quinn faces the challenge of steering Nedbank toward new growth avenues. Chairman Daniel Mminele cites Quinn’s extensive experience in banking across Africa. Under Brown’s leadership, Nedbank focused on expanding credit to clean-energy projects, targeting renewables to comprise 20% of loans by 2025. The news had a marginal impact, with Nedbank shares slipping 0.3% in Johannesburg.
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South Africa’s Nedbank Hires Quinn From Absa as Next CEO
By Helen Nyambura
Nedbank Group Ltd. hired Jason Quinn from rival Absa Group Ltd. as the lender’s next chief executive officer.
Quinn, financial director at Absa, will replace Mike Brown, who has been at the helm of the South African lender since 2010, on May 31, Nedbank said in a filing Wednesday. Brown will stay on for a “suitable period” to ensure a seamless handover, according to the statement.
Quinn joined Absa in 2008 and was its interim CEO for about a year to March 2022, according to the statement. He will have to find new avenues for growth in an economy that South Africa’s National Treasury forecasts will expand only 1% next year.
“He comes with deep and extensive experience in banking and financial services, both here in South Africa, but in other parts of the continent,” Nedbank Chairman Daniel Mminele said in an interview. “We’re certainly looking to him as the future leader to add to the strength of our exco team as we think about where we want to take Nedbank into the future,” he said, referring to the executive committee.
Under Brown, Nedbank has been boosting credit to clean-energy projects. The firm forecasts renewables will account for about 20% of loans by 2025, Chief Financial Officer Mike Davis said in an interview with Bloomberg Television.
Nedbank’s shares, which have dropped 2% this year, lost 0.3% in Johannesburg on Wednesday. The announcement came after market had closed.
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