Mboweni steps down from Discovery board

Finance Minister Tito Mboweni.
Finance Minister Tito Mboweni.

Tito Mboweni has stepped down from the board of Discovery following his appointment as finance minister, it has been announced. 

Discovery [JSE:DSY] said in a brief statement on Thursday morning that Mboweni had tendered his resignation as a non-executive director from the board of the company and various subsidiaries, including Discovery Bank, with immediate effect. 

"Mr Mboweni was appointed to the Board of the Company in 2014 and Discovery wishes to thank him for his invaluable contribution over the past 4 years and wishes him well in his new role as the Minister of Finance," the statement said.

President Cyril Ramaphosa named Mboweni, who served as the governor of the SA Reserve Bank between 1999 and 2009, as finance minister on Tuesday after accepting Nhlanhla Nene's offer to resign. 

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