Nedbank announces new CEO
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 accelerate only 1% next year.
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 TV.
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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