Mike Davis has been appointed CFO-designate and will take over as CFO from 1 October.
Nedbank Group has announced the resignation of CFO Raisibe Morathi with effect from 30 September 2020. She will remain with the banking group until the end of October to ensure an orderly handover to CFO-designate Mike Davis.
About her departure, Raisibe said:
“I wish to thank the board of Nedbank for the opportunity afforded to me over the last several years, the experience gained is truly invaluable. It is in that context that this is a moment of mixed emotions, sad to leave all my friends and colleagues at Nedbank while also looking forward to opening a new chapter in my career.”
She explains that she remains a true Nedbank loyalist whose connection as a client of 26 years will continue well beyond this period, and congratulated Mike Davis. “I wish him well in the role, with full confidence that he will do well.”
Following her departure from Nedbank, Raisibe will be joining Vodacom Group as its new group CFO with effect from 1 November.
Raisibe arrived at Nedbank in a period of great upheaval. In an earlier interview with CFO South Africa, she said that the banking sector was changing globally at the time, and she had to arrive and lead from the top, which “is not as easy as it would have been for someone coming from internal”.
She has enjoyed a number of successes in the finance space since then, saying: “Every year from the start of my time here until now (February 2019), we’ve received at least two or three financial reporting awards. This year, three were very prestigious, bringing the cumulative reporting awards to 30 by December 2018.”
Raisibe was also nominated for the CFO Awards in 2015 and 2017 for her role as Nedbank’s CFO. She currently sits on the panel of judges for the CHRO Awards – a role that she has found rewarding.
Read more: Raisibe Morathi nominated for CFO Awards
Raisibe has been CFO of Nedbank since September 2009 and, according to a statement, is a highly regarded professional, internally and externally.
Nedbank CEO Mike Brown said:
“It has been a privilege to work alongside Raisibe and whilst we are disappointed that she has decided to pursue new opportunities outside of the group, we thank her for her valued contribution to Nedbank over the past decade. We will miss her and wish her well in her future.”
New CFO-designate Mike Davis will take over the role of CFO on 1 October 2020.
Mike Davis was appointed as group executive of balance sheet management and to the group executive committee on 1 January 2015. He has significant industry wide experience in finance, asset and liability management and capital management, having worked in financial services for over 20 years. Mike is the current deputy-chairperson of the Nedbank CFO Forum and has strong relationships within Nedbank and with shareholders, as well as the broader investment community.
Mike Brown said that he is thankful that, in the current environment, Nedbank is able to make an immediate appointment into the important position. “I am confident Mike Davis will seamlessly step into the role.”