FNB CEO Jordaan to step down at end-2013

Cape Town - FirstRand [JSE:FSR] on Wednesday announced that Michael Jordaan will step down as chief executive officer of its FNB Division at the end of 2013 and that Jacques Celliers has been appointed to succeed him.

Jordaan first indicated to the FirstRand board in 2010 his intention to step down at the end of 2013 to spend more time with his family, the bank said in a statement.

"At that point, as CEO of FNB for 10 years, he would have achieved the strategic and operational objectives that he had set out for the business at the beginning of his tenure."

Celliers (41), a member of the FNB executive committee, graduated as an engineer from the University of Stellenbosch in 1994. In 1998 he completed an MBA at the University of Cape Town's Graduate School of Business and was an exchange student at Wharton College, University of Pennsylvania in the USA.

He is currently the CEO of FNB Business Banking and head of FNB's India expansion.

During Jordaan's tenure FNB was named Most Innovative Bank in the World for its culture of innovation and the advancement of retail banking.

Widely regarded as the Steve Jobs of banking in South Africa, Jordaan has taken market share from rivals Standard Bank, Absa Group and Nedbank Group through aggressive marketing and by championing technology such as mobile applications.

FirstRand said the necessary regulatory process with the Registrar of Banks has been concluded.

FirstRand expects Jordaan to continue his involvement with the group in a non-executive capacity on its various boards and committees.

Jordaan tweeted: "After ten good years at FNB, I will step down as CEO at end of 2013. Thanks for all your support."

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