South African businessman Mteto Nyati, who assumed the role of independent non-executive director on the board of Nedbank Group in October 2022, has tendered his resignation from the prominent financial services group.
The departure, attributed to increased capacity constraints, marks the end of Nyati’s tenure with the leading lender.
Nyati’s resignation, as announced by Nedbank, takes effect on Mon., Oct. 9. In addition to his role as independent non-executive director, Nyati will also step down from his positions as the chair of the Group IT Committee, a member of the Group Directors’ Affairs Committee, and a member of the Group Risk and Capital Management Office.
In response to Nyati’s decision, Nedbank Group Chairperson Daniel Mminele expressed gratitude for Nyati’s contributions during his tenure on the board. Mminele praised Nyati’s input to the board’s deliberations and wished him success in his future endeavors.
Nedbank Group clarified that despite these changes, all board committees will remain appropriately constituted. Furthermore, the group intends to release a further announcement regarding the appointment of a new chairperson for the Group IT Committee in due course.
Nyati is widely recognized as an inspiring leader with a proven track record of successfully executing growth and turnaround strategies. His leadership roles at MTN Group, where he served as the CEO of MTN South Africa for nearly two years, and at Microsoft, where he held top management positions for six years, showcase his extensive experience in the corporate world.
During Nyati’s tenure at Nedbank, his expertise in commercial, digital, ICT strategic planning, and business operations in emerging economies significantly contributed to the lender’s financial performance in recent years.
Nedbank Group itself has achieved remarkable financial milestones in recent years. In the fiscal year 2022, the group’s headline earnings surged by 20 percent, rising from R11.7 billion ($628.18 million) in 2021 to R14.00 billion ($751.67 million).
Additionally, the group’s total assets witnessed substantial growth, increasing from R1.21 trillion ($64.97 billion) in 2021 to R1.25 trillion ($67.11 billion) in 2022.
Following his departure from Nedbank, Nyati will continue to serve as the chairperson of Wazo Investments and as a non-executive Director of Telkom SA SOC Limited and Eskom Holdings SOC Limited.
