Nedbank has announced a series of changes to its boards, which will see businesswoman Phumzile Langeni appointed lead independent director.
Langeni, the cofounder and executive chair of unlisted investment and corporate advisory firm Afropulse Group, brings a wealth of business leadership into the role.
She also serves as the vice chairman of Imperial Logistics Group and is the chairman of Metrofile Holdings Limited and Delta Property Fund.
Phumzile Langeni will take over as lead independent director following the annual general meeting (AGM).
The role, central to maintaining strong governance and providing independent oversight of management and board processes, is currently held by Hubert Brody, who will be retiring as a long-serving director.
Changes form part of reshuffles
The bank also announced the retirement of Brian Dames, who is Eskom’s former CEO, at the end of the annual general meeting.
According to Nedbank, they are both stepping down in line with governance policies that generally require non-executive directors to retire after nine years.
Brody joined in 2017 and has elected to retire in the upcoming AGM.
Their departures will lead to changes in several board committees, including sustainability, risk, audit, and information technology oversight structures.
Nedbank revealed that the updates form part of its board continuity programme and align with regulatory requirements, with new appointments, retirements and committee reshuffles scheduled across 2026.
Former Standard Bank COO and deputy CEO Peter Warton-Hood has been appointed an independent executive director effective March 3.
He will also serve on the group credit committee and the large-exposure approval committee.
The seasoned banking and finance executive has also served as chief country officer and global chief operating officer for Deutsche Bank in South Africa and Deutsche Bank in London, respectively. He also worked as group chief executive for Life Healthcare in September 2020.
Subramoney’s tenure extended
Nedbank said his experience in banking, finance, risk, and technology would strengthen the board’s overall expertise.
Daniel Mminele, the group board chairperson, said: “Although Brian and Hubert remain on the boards until the end of May 2026, on behalf of the boards, I wish to thank both of them for their immense contributions to the boards and their wise counsel over the years.
“Their unique insights will be sorely missed at board meetings as well as on the board committees that they chair. On behalf of the boards, I further wish them well in their future endeavours.”
At the same time, the tenure of Stanley Subramoney as a non-independent, non-executive director has been extended by a further year, ensuring stability as new directors take up roles. He is classified as a non-independent, non-executive director under regulatory guidelines.
