Johannesburg – Nedbank Group has announced that its Chief Operating Officer, Mfundo Nkuhlu, will take early retirement at the end of the year after more than two decades with the banking group.
In a statement released on Monday, Nedbank said Nkuhlu, who also serves as an executive director of Nedbank Group Limited and Nedbank Limited, had “elected to take early retirement at the end of the year, having reached the age of 60.”
Nkuhlu joined the bank in April 2004 as Managing Executive: Nedbank Africa before holding several senior leadership positions, including Managing Executive: Corporate Banking and Managing Executive: Nedbank Corporate. He was appointed Group Chief Operating Officer and executive director on 1 January 2015.
According to the bank, Nkuhlu played a central role in the group’s growth and transformation.
“During more than 22 years with the Nedbank Group, Mfundo has made a significant contribution to the group’s strategy, operations and growth,” the statement said.
Operational capabilities
The bank added that, as Chief Operating Officer, Nkuhlu “played a key role in strengthening the group’s operational capabilities, driving strategic execution and supporting the Group through periods of significant change and transformation.”
Beyond his work at Nedbank, the bank highlighted Nkuhlu’s contribution to the financial services sector, including serving as chairperson of the Financial Sector Transformation Council and as a member of the Board Executive Committee of the Banking Association of South Africa.
The board thanked Nkuhlu for his years of service.
“The Group board thanks Mfundo for his exceptional service, leadership and contribution to the Group over the past 22 years, and looks forward to his continued leadership for the rest of the year,” the statement said.
Nedbank confirmed that Nkuhlu will retire on 31 December 2026.
The bank also announced that the position of Group Chief Operating Officer will not be filled after his departure.
“Following Mfundo’s retirement on 31 December 2026, the role of Group Chief Operating Officer will be discontinued and the responsibilities associated with the role will be reallocated within the existing Group Executive Committee structure,” Nedbank said.
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Compiled by Betha Madhomu
