Media speculates: could Reserve Bank’s Kuben Naidoo be a great fit for Nedbank?

“Nedbank announced the beginning of a process to find a successor for CE Mike Brown at its AGM on 2 June 2023. Nedbank is unable to comment further as this process is still under way and, as per the guidance provided at our interim results, updates on the process will be shared alongside our 2023 year-end results in Q1 2024,” the bank told Daily Maverick.

Currently deputy governor of the SA Reserve Bank, Kuben Naidoo has tendered a surprise resignation 18 months before his term was expected to end. And as Moneyweb has pointed out, he would be a prime candidate and a shoo-in for the role of top dog at Nedbank.

It certainly wouldn’t be the first time that someone from the government’s financial sector crossed over to the corporate sector. If he takes up the Nedbank position, Naidoo would be following in the footsteps of the likes of Maria Ramos, Daniel Mminele and Tito Mboweni.

Initially the director-general of National Treasury, Ramos took up the reins at Transnet in 2004 before joining Absa in 2009. She currently sits on the board of luxury goods multinational, Richemont. According to the Richemont website, she also sits on the boards of AngloGold Ashanti and Standard Chartered.

Mminele was deputy governor at the SA Reserve Bank until he resigned to replace Ramos as CEO at Absa in January 2020. He exited the position as chief executive of Absa in April 2021, less than two years after he was appointed, citing a difference in opinion with the board over the company’s strategic direction. 

Not, however, before he collected a cool package of more than R33-million for just four months of employment. He is currently chairman at Nedbank.

For the 2023 financial year, Naidoo took home a package of R6.2-million. 

To put it all in perspective: the package Mminele received for just four months of work two years ago is not much less than the R34.6-million the SA Reserve Bank paid to all 16 directors in 2023. 

Outgoing Nedbank chief executive Mike Brown took home an annual package of R9.6-million, along with a short-term incentive of R17-million, to make up a total remuneration package of R26.6-million.  

The numbers certainly make the grass on the other side seem greener, but as Mminele might tell Naidoo: corporate is a different ball game altogether. DM