Roger Jardine, not Sizwe Nxasana, will succeed Laurie Dippenaar at FirstRand
Dippenaar, who founded FirstRand with Paul Harris and Gerrit Ferreira, will retire on March 31
FirstRand chairman Laurie Dippenaar will be succeeded by Primedia CEO Roger Jardine, and not the bank’s former CEO, Sizwe Nxasana.
Dippenaar, who founded FirstRand with Paul Harris and Gerrit Ferreira, intends to retire on March 31, the bank said on Thursday morning.
The banking group said its original plan was for Nxasana to return as nonexecutive deputy chairman ahead of Dippenaar’s retirement.
"Mr Nxasana’s various civil society and investment activities have, however, placed extensive demands on his time and he has confirmed to FirstRand that he cannot commit to the role of nonexecutive chairman.
"The group respects this decision and acknowledges the important contribution Mr Nxasana is making to the South African education sector," Thursday’s statement said.
Jardine will resign as Primedia CEO to take the post of the bank’s chairman from April 1. He has been a nonexecutive director on various boards within the FirstRand group for the past 13 years.
He was construction group Aveng’s CEO from 2008 until 2013, and a former director-general of the Department of Arts, Culture, Science and Technology.