Banking group Nedbank announced Friday that Mteto Nyati is stepping down from its board of directors.
His resignation is with effect from 9 October 2023 because of increased capacity constraints, said Nedbank.
“Mteto accordingly also steps down as a member and chair of the Group IT Committee, and member of the Group Directors’ Affairs Committee and Group Risk and Capital Management Committee,” the banking group informed investors.
Nedbank Group Chairperson, Daniel Mminele, thanked Nyati for his contribution to the deliberations of the boards since his appointment. The group wishes him well in his future endeavours.
The bank added that all board committees remain duly constituted following the above changes and a further announcement will be released advising shareholders of the appointment of a chairperson of the Group IT Committee.
Last week, Telkom also announced that the board notified shareholders of the resignation of Nyati as a non-executive director with effect from 29 September.
According to Telkom, Nyati’s resignation follows recent developments, which have resulted in capacity constraints on his side.