Staff Writer
Nedbank Group has told shareholders that Mfundo Nkuhlu, chief operating officer (COO) of Nedbank Group and executive director of Nedbank Group Limited and Nedbank Limited, has elected to take early retirement at the end of the year, having reached the age of 60.
Mfundo joined Nedbank in April 2004 as managing executive of Nedbank Africa and subsequently served as managing executive of corporate banking; and managing executive of Nedbank corporate before being appointed COO and executive director of Nedbank Group and Nedbank with effect from 1 January 2015.
During more than 22 years with the Nedbank Group, Mfundo has made a significant contribution to the group’s strategy, operations and growth.
As COO, he has 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 Nedbank, Mfundo has made a meaningful contribution to the South African financial services sector and broader economy through his leadership roles, including as chairperson of the Financial Sector Transformation Council and as a member of the board exco of the Banking Association of South Africa.
Prior to joining Nedbank, he held senior positions at the South African Revenue Service and the department of trade and industry.
The group’s board thanked 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.
Following Mfundo’s retirement on 31 December 2026, the role of group COO will be discontinued and the responsibilities associated with the role will be reallocated within the existing group executive committee structure.
