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Cape Town - The Old Mutual and Nedbank boards have announced that Vassi Naidoo will join the board as a non-executive director with effect from May 1 2015.
The appointment was made following his selection by the banking subsidiary, Nedbank, as their prospective new chairperson.
He will also join Nedbank's boards from May 1 2015 and succeed Dr Reuel Khoza, Nedbank's current chairperson, following Nedbank's AGM on May 11 2015.
Khoza has served nearly nine years on the board and will be retiring. He has not seeked re-election as a non-executive director of the company at its AGM on May 14 2015.
Commenting on the board changes, chairperson Patrick O'Sullivan said: "We are very grateful for Reuel's service on the board of the company and at Nedbank. He has been a constant source of guidance and wisdom to us during his tenure and is living testimony to 'attuned leadership'. We wish him well for the future."
"We are delighted to welcome Vassi Naidoo to our board. Vassi's extensive experience of banking and financial services and experience in Africa will benefit Nedbank and his position on the company's own board will provide us with additional insight into these important areas of the group's business."
As well as joining the board, Naidoo will also succeed to Khoza's memberships of the Board Risk and Nomination Committees after our AGM.
Naidoo is qualified as a South African and UK chartered accountant and retired from Deloitte's London office at the end of November 2014.
