NEDBANK has announced that its board chairperson and a veteran chartered accountant, Vassi Naidoo, passed away on Tuesday after a long battle with an illness.
Naidoo took an “immediate” leave of absence in late January to focus on treatment he was receiving for his medical condition, which was said to not be related to Covid-19.
He was appointed to the boards of the Nedbank Group and Nedbank as chairperson on May 11, 2015.
Mpho Makwana, who has been acting chairperson since Naidoo was placed on medical leave, said he will be “greatly missed by all at Nedbank”, as he had brought a wealth of experience and wisdom to the role of chairperson of the group.
“He led with deep integrity and excellence. The board extends its deepest sympathies to his wife Sheila, daughter Carmeni, and his extended family,” Makwana said.
Naidoo was also the chairperson of the WWF Nedbank Green Trust and a member of the Nedbank Group Directors’ Affairs Committee and the group related-party Transactions Committee.
He was chief executive of Deloitte Southern Africa from 1998 to 2006, a member of the Deloitte UK executive from 2006 to 2009 and a member of the Deloitte Global executive from 2007 to 2011, and thereafter vice-chair of Deloitte UK from 2009 to 2014. Naidoo was also a member of the South African Institute of Chartered Accountants, with honorary lifetime membership granted in 2011 for his contribution to the development of the profession in South Africa.
He was also a member of the Institute of Chartered Accountants in England and Wales and a professor of practice in the Department of Accountancy at the University of Johannesburg.
Nedbank Group chief executive Mike Brown described him as a remarkable individual who was held in the highest regard both professionally and personally.
“As our chairman, he has made an indelible mark on Nedbank and during his long career at Deloitte he had a lasting influence on the lives of many young chartered accountants and the transformation of the accounting profession.
“We are grateful for his guidance, leadership and wise counsel. He has always been considered a pioneer in his field and, he used his position of influence as Nedbank chairman to bring about positive change and dedicated his time to finding ways to improve the lives of every South African including being the catalyst alongside Pravin Gordhan and the late Jabu Mabuza for the CEO Initiative.”
Nedbank said that Makwana, who is the group’s lead independent director, will continue to serve as acting chairperson in terms of Nedbank’s board continuity programme.
Announcements on a permanent chairperson and lead independent director will be made in due course.
siphelele.dludla@inl.co.za
BUSINESS REPORT ONLINE