Revered FirstRand CEO Sizwe Nxasana steps down

Sizwe Nxasana, who took over from Laurie Dippenaar as CEO of banking group FirstRand in 2010, will be stepping down at the end of September. Nxasana's deputy, Johan Burger, will be taking over.

Since Nxasana came on board, FirstRand has seen a compound annual growth rate of 18.9%, compared to the 14.7% seen by its peers. Nxasana was also instrumental in growing the group's market capitalisation from R100 billion to R300 billion in the last financial year.

Nxasana will be taking a two-year sabbatical to focus on the National Education Collaboration Trust (NECT), where he is chairman. He will return to the FirstRand group in 2017 as a non-executive deputy chairman.

  • Business power house, CA and Fort Hare graduate Sizwe Nxasana (57) started KwaZulu-Natal's first black audit firm in 1989 and listed Telkom on the JSE in 2003. We interviewed Nxasana earlier this year. Read what he had to say here.
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