Nedbank Group Executive Leadership Changes
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
(“Nedbank Group” or “the group”)
NEDBANK GROUP EXECUTIVE LEADERSHIP CHANGES
Nedbank Group is pleased to announce the following changes to its Group Executive Committee (Group Exco).
Graham Dempster, the current Chief Operating Officer (COO) and an Executive Director, reaches normal
retirement age in May 2015. The COO portfolio comprises Group Technology, Balance Sheet Management,
Group Strategy, Group Marketing Communications and Corporate Affairs, Group Human Resources and the
rest of Africa businesses.
In anticipation of Graham’s retirement and in line with the group’s succession plans, Mfundo Nkuhlu, currently
Managing Executive: Nedbank Corporate, will be appointed as COO from 1 January 2015. Subject to regulatory
approval, Mfundo will also be appointed as an executive director to the Nedbank Group and Nedbank Limited
Boards. From 1 January 2015 Graham will work alongside Mfundo and lead our strategically important activities
in the rest of Africa. Graham will remain an executive director until his retirement date. The succession process
for the role of Managing Executive: Nedbank Corporate will be completed prior to Mfundo taking up his new role
on 1 January 2015.
Philip Wessels, currently the Chief Risk Officer (CRO), has been appointed as Managing Executive: Retail and
Business Banking with effect from 1 August 2014, following Ingrid Johnson’s appointment as Group Finance
Director of Old Mutual plc.
Trevor Adams, currently Group Managing Executive: Balance Sheet Management will take over as Chief Risk
Officer with effect from 1 August 2014, replacing Philip. The process of appointing a replacement for Trevor in
his role as Group Managing Executive: Balance Sheet Management will commence shortly.
Nedbank Group Chief Executive, Mike Brown, said: ‘Mfundo, Philip and Trevor are experienced bankers and
existing members of Group Exco, which will ensure continuity in strategy and leadership. We are fortunate to be
able to appoint candidates of their calibre from within Nedbank into these important positions. We have skilled,
experienced leaders at Nedbank and these changes strongly position us to achieve our growth strategies and
our vision to be Africa's most admired bank. I wish them all the best in their new roles.’
Mfundo Nkuhlu (47) was appointed head of Nedbank Africa in 2004, and head of Corporate Banking in 2005
before becoming a member of Group Exco in 2008 and Managing Executive: Nedbank Corporate in 2009. Prior
to joining Nedbank, Mfundo was the executive responsible for strategy, revenue and economic analysis at the
South African Revenue Services (SARS) and Chief Director in the DTI responsible for Africa and NEPAD.
Philip Wessels (56) has been the CRO and a member of the Group Exco since 2004. Philip has extensive retail
and business banking experience, previously holding positions of Divisional Director of Nedbank Businesses
Banking, Non-Executive Director of Imperial Bank which included MFC (Nedbank Retail’s vehicle finance
business) and various executive roles at BoE and Boland Bank between 1995 and 2003. Philip is a qualified
chartered accountant and finished his career in the profession as managing partner of the Deloitte Financial
Services practice in 1995.
Trevor Adams (51) has been head of Balance Sheet Management and a member of Group Exco since 2009. He
has extensive risk and credit experience, having designed Nedbank’s Enterprise-wide Risk Management
Framework and led the group’s successful Basel II and Basel III implementations. Prior to joining the group in
1996 he was a partner at Deloitte, where he specialised in banking and risk management, and collectively has
over 21 years’ banking and risk management related experience. Trevor recently completed the Advanced
Management Programme at Harvard, USA.
1 August 2014
Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
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