Executive shake-up at FNB
Finance group FNB has announced a shake-up in the management of its retail banking sector, appointing two new executives.
The group’s personal and private banking leadership will be split into two roles, headed up by Lytania Johnson as the CEO of the personal segment and Sizwe Nxedlana as CEO of the private segment, it said.
The entire retail segment was previously led by Raj Makanjee in a dual role as head of retail and as FirstRand’s chief digital officer since 2018. Makanjee will retain his position as CDO at FirstRand, and will retire from the group in 2025.
Johnson and Nxedlana will assume full control of their segments in July 2023 to enable a smooth transition and handover, FNB said.
Johnson is a current member of FNB’s executive committee and has been with FNB for 16 years, most recently in the role of chief risk officer.
During her time with FNB, Johnson has held a number of executive roles, including the CEO of eWallet. Her portfolios have encompassed credit risk, client value propositions, regulatory oversight, particularly with regard to conduct and treating customers fairly, pricing and people management.
“The bank believes that given this experience and track record, Johnson is well-placed to lead the personal segment,” it said.
Nxedlana, meanwhile, has been with FNB for 14 years, serving as the CEO of FNB Wealth and Investments, and is a member of FNB’s executive committee, currently responsible for driving investment management and fiduciary capabilities.
He is also a member of the retail segment executive committee in his capacity as deputy CEO of the wealth sub-segment.
“The bank believes Nxedlana can now leverage this track record for the private segment,” it said.
FNB CEO Jacques Celliers said the appointments align with the bank’s recently enhanced and relaunched strategy and refreshed brand, which places focus on its digital banking portfolio and a shift in tact to become ‘advice-led’ rather than ‘product-led’ in delivering its services and transitioning beyond banking.
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