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Daniel Mminele to step up as Nedbank chair from June 2023

Daniel Mminele to step up as Nedbank chair from June 2023
Nedbank chair-designate and former SA Reserve Bank deputy governor Daniel Mminele. (Photo: Ian Waldie / Bloomberg via Getty Images)

Former Absa chief executive Daniel Mminele is heading to rival Nedbank to take over as an independent non-executive director, effective from 1 May this year, and as chairman from June. Outgoing Nedbank chair Mpho Makwana will retire after serving on the board for nine years.

Daniel Mminele has resigned from his position as chairman at Alexforbes to facilitate his new position at Nedbank. He exited his position as chief executive of Absa in April 2021, less than two years after he was appointed, citing a difference in opinion with the board over the company’s strategic direction.

The exit included a cool remuneration package of more than R33-million for just four months of employment in 2021. Makwana earned R3.2-million for the 2021 financial year when he was appointed as acting chair from 28 May to 1 December, before taking over as appointed chairman from 2 December 2021. (Makwana is also the chairperson of Eskom.)

Mminele has previously served two five-year terms as deputy governor of the South African Reserve Bank, where his responsibilities during his second term included financial markets, international economic relations and policy, as well as the human and operations cluster.

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Mminele also served as head of the presidential climate finance task team in 2022, where he led and coordinated the work to give effect to the Just Energy Transition Partnership, as well as the development of the Just Energy Transition Investment Plan, which was launched in November 2022.

“I am honoured by this appointment and look forward to joining the Nedbank Group. I am looking forward to working with board colleagues, the management team, employees and our broader stakeholder community as we deliver on strategic commitments and ambitions in line with Nedbank’s track record as a purpose-driven organisation.”

Mminele’s appointment follows a robust succession process for the chairperson that commenced early in 2022, led by Hubert Brody, Nedbank Group’s lead independent director. BM/DM

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