FNB CEO Michael Jordaan to step down

Listed financial services group, FirstRand has announced that Dr Michael Jordaan will step down as CEO of its FNB Division at the end of 2013.

Jacques Celliers, who is currently the CEO of FNB Business Banking and head of FNB´s
India expansion,  has been appointed to succeed him.

“Dr Jordaan first indicated to the FirstRand Board in 2010 his intention to step down at the end of 2013 to spend more time with his family,” FirstRand said.

“At that point, as CEO of FNB for 10 years, he would have achieved the strategic and operational objectives that he had set out for the business at the beginning of his tenure.”

Jordaan commented that whilst he was sad to be leaving, the bank was in great shape. “Recently voted the most innovative bank in the world and with a clear leadership position in digital banking and innovative banking channels, FNB will continue with its successful strategy of generating new technologies and cost-effective products for our customers,” he said.

Sizwe Nxasana CEO of FirstRand said: “I am confident that the FNB management team, under the leadership of Jacques will continue on its successful growth path.  During his career at FNB Jacques has demonstrated a unique ability to bring leadership and innovative thinking to many aspects of FNB’s operations.

“We fully understand Michael’s desire to spend more time with his young family, and recognize that his 5 years of commuting weekly from Cape Town has been a significant sacrifice. A naturally empowering leader he has built a team around him that can continue with that legacy. We are also fortunate that Michael will continue his involvement with the Group in a non-executive capacity on various boards and committees.”

Celliers (41), a member of the FNB Executive Committee, graduated as an Engineer from the University of Stellenbosch in 1994. In 1998 he completed an MBA at the University of Cape Town’s Graduate School of Business and was an exchange student at Wharton College, University of Pennsylvania in the USA.

“FirstRand thanks Dr Jordaan for his tenure at FNB where he oversaw a period of significant growth in profits, innovation and excellent returns to shareholders.

“Over the past nine years, FNB´s earnings have grown at an annual compound growth rate of 15%.

“FirstRand expects Dr Jordaan to continue his involvement with the Group in a non-executive capacity on its various boards and committees,” the bank said.

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FNB CEO Michael Jordaan to step down