Former CEO of Altron and MTN's South African subsidiary, Mteto Nyati, is set to resign from his directorial roles at Nedbank Group and its various committees, effective from Monday, October 9, 2023. The announcement was made on Friday and stated that the move was due to "capacity constraints." Nyati will be stepping down from the Group IT Committee, the Group Directors' Affairs Committee, and the Group Risk and Capital Management Committee.
This decision follows a similar action where Nyati resigned as a non-executive director at Telkom. Despite his departure from Nedbank, Nyati continues to hold significant business interests. He owns a 40% stake in Business Systems Group (BSG), where he also serves as executive chair. In addition, he holds positions on both Eskom and Telkom boards.
Nyati's resignation has been acknowledged by Nedbank Chairperson Daniel Mminele, who confirmed the continuity of the board post-resignation. The bank is expected to announce a successor for the IT chair position soon.
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