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Corporate governance

Author: Jeanette Clark, Ryk van Niekerk|

25 January 2013 15:42

Jordaan denies he has resigned

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Sources say they were informed of his intention to leave by the end of 2013.

PRETORIA –FNB CEO Dr Michael Jordaan says he is not resigning.

Moneyweb earlier reported that two independent sources close to FNB said they were informed of Jordaan’s plans to leave the bank by the end of the year.

Moneyweb put these claims to Jordaan and FNB earlier this week, and again on Friday to which he replied that it was pure speculation.

Following the publication of the article, the news went viral on Twitter. Jordaan later tweeted that he did not resign and remains CEO. FNB also echoed this message in a media statement.

His plans to leave the bank are not related to the controversial FNB advertising campaign that made headlines this week. The sources Moneyweb spoke to confirmed that they were informed about his plans before the first advertisement was aired.

Forty-four year old Jordaan has been CEO of FNB since 2004.

Jordaan worked in banking overseas as corporate banker with Deutsche Bank in 1992 and 1993 and before that as a management trainee for the same bank. His first job was as an officer in the South African Navy.

Jordaan told Moneyweb previously in a profile on the website that he sees himself as an asset manager in the future. He is an avid tweeter and shares with his followers his views on banking as well as his love of wine, along with news of the wine farm Bartinney that he manages with his wife.

Under Jordaan’s leadership FNB has rocketed to the top of the innovation rankings, being the first to launch a banking app, dabble in Facebook banking and introduce technologies like GeoPay to the market. In October FNB received the Most Innovative Bank of the Year Award at the 2012 BAI - Finacle Global Banking Innovation Awards.

He established himself as an innovator within the bank when he was responsible for rolling out the popular eBucks virtual rewards system in the late 1990’s. It is one of very few digital ventures that survived the dot com-crash.

Two analysts that Moneyweb spoke to said they have not received official news on a possible departure, but that it wouldn’t be a surprise if it was announced as Jordaan has stated for some time that he would like to get involved in other opportunities.

Topics: Michael Jordaan, FNB, FirstRand, resign



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