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Revealed: The real reason FNB CEO Michael Jordaan is stepping down at the end of the year!

by , 23 May 2013

The local Twitter sphere was abuzz yesterday after FNB CEO Michael Jordaan tweeted that he'll be stepping down from his role at the end of 2013. But the announcement wasn't a sudden one. FNB says Jordaan indicated back in 2010 to the board that he intended to step down at the end of 2013 to spend more time with his family. Here's why this is the perfect time for Jordaan to resign…
 
Michael Jordaan will step down as chief executive officer of FirstRand ‘s FNB Division at the end of 2013.
 
He confirmed it in a tweet that read: "After ten good years at FNB, I will step down as CEO at end of 2013. Thanks for all your support."
 
The reason for his resignation?
 
Having been CEO of FNB for ten years, Jordaan has achieved the strategic and operational objectives he set out for the business at the beginning of his tenure, says Fin24
 
Jordaan added that he’ll spend more time with his family and travelling.
 
But there’s more to it than that.
 
Now’s the ideal time for Michael Jordaan to step down as CEO of FNB
 
During Jordaan's tenure, FNB was named Most Innovative Bank in the World for its culture of innovation and the advancement of retail banking. 
 
As proof of this, Jordaan’s led FNB in taking market share from rivals Standard Bank, Absa Group and Nedbank Group through aggressive marketing and through the development of innovative mobile applications, as that’s what the banking customer of today wants.
 
“Recently voted the most innovative bank in the world and with a clear leadership position in digital banking and innovative banking channels, FNB will continue with its successful strategy of generating new technologies and cost-effective products for our customers,” Jordaan confirmed on Moneyweb.
 
Investment expert Francois Joubert of Red Hot Penny Shares says this is what actually makes it a great time for Jordaan to resign: After all, “FNB’s seen incredible growth under Jordaan’s tenure, and it’s captured great market share,” which is going to mean his successor has big boots to fill. 
 
Expect good things from Michael Jordaan’s successor when he steps into the role of FNB’s CEO next year…
 
Don’t worry that these ‘big boots’ will go astray from the path Jordaan’s treaded.
 
Jordaan will be replaced by Jacques Celliers, the current CEO of Business Banking and FNB’s expansion into India.
 
FirstRand CEO Sizwe Nxasana told Moneyweb that Celliers was the most suitably qualified person for the job and that “… People will soon know who Jacques is. This is a long-term game.”
 
So expect more good things from this innovative bank when Celliers takes the FNB baton next year.
 


Revealed: The real reason FNB CEO Michael Jordaan is stepping down at the end of the year!
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