Nedbank announced the board changes to shareholders on 26 April.
Iain Williamson has announced he’ll be stepping down as non-executive director of Nedbank because of scheduling challenges arising from his position as CEO of Old Mutual.
The notice issued by Nedbank on April 26 said Iain would step down as non-executive director of Nedbank after the AGM set for 26 May, and from the Nedbank Group’s board at its AGM two days later.
Iain was appointed to both boards on 1 June 2020 as a part of a relationship agreement between Old Mutual and Nedbank. The agreement mandates Old Mutual to nominate a director to the Nedbank boards, as long as its shareholding is 15% or greater.
Old Mutual is yet to advise Nedbank of a proposed replacement for Iain.
