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Johannesburg - Outgoing FNB CEO Michael Jordaan wants to travel, spend time with his family, and perhaps become an entrepreneur when he steps down at the end of the year.
"I feel sad to a degree of course. For me FNB is like a family. So it's like a family that I'm leaving behind," he told reporters in Johannesburg on Wednesday.
Jordaan said he was also happy, because he was leaving the company in good hands.
"The best is yet to come," he said.
The bank announced on Wednesday that Jordaan, 45, would step down at the end of 2013, after 10 years at the helm of First National Bank.
He had indicated in 2010 that he would step down at the end of 2013.
"It's been public knowledge actually," Jordaan said.
He felt that 10 years as CEO should be long enough.
"I've been commuting for five years (between Cape Town and Johannesburg). Clearly I just want to spend some time to reintegrate with my family."
Jordaan said he also wanted to travel and possibly enter the entrepreneurial arena.
"I really want to take some time. I'm going to resist the urge to do anything too quickly," he said.
Jordaan would be succeeded by Jacques Celliers, 41.
"This is a big compliment," Celliers said.
"I can honestly say that I can't think of a better place, a business, I'd rather be working for."
Celliers is a member of the FNB executive committee, CEO of FNB Business Banking, and heads FNB's Indian expansion.
He used to run FNB's credit card and retail foreign exchange divisions.
He joined the company 12 years ago in an eCommerce developmental role and helped with the launch of eBucks.com.
First Rand CEO Sizwe Nxasana said Jordaan oversaw significant business growth, innovation and profitability at FNB and had exceptional skills and experience.
"Michael's tenure at FNB has been incredibly successful. Much of which can be attributed to his passion for innovation which, backed up by his knowledge of the intersection of banking, technology and social media, has delivered strong growth and excellent returns for the group and its shareholders."
He was confident management under Celliers would continue on this successful growth path.
"He is certainly the right person to make sure that we build on the success of Jordaan and his team."
Nxasana said Jordaan would hand over to Celliers over the next six months.
"From now on we will start a very organised succession planning process."
He said Jordaan would continue to be involved in the group in a non-executive capacity.
"We will continue to tap from his knowledge and wisdom. Michael has done [his job] very well and we worked very well together. Sure, he will be missed."
