Nedbank chair Vassi Naidoo died on Wednesday, the banking group has said.
Naidoo had been on leave from his position at Nedbank since January, when the bank announced he was focusing on treatment he was receiving for a medical condition. Nedbank said his condition was not related to Covid-19.
Naidoo was appointed chairperson of Nedbank in 2015 after retiring from the accounting firm Deloitte in 2014, where he had spent 37 years.
Naidoo completed his BCom degree and Diploma in Accounting at the University of Durban Westville. He joined Deloitte in 1977 and qualified as a chartered accountant in 1979.
He was appointed CEO of Deloitte Southern Africa in 1998 and chairperson of the Africa Board in 2004. During his tenure at Deloitte, he worked in Africa, Europe, Russia and India, and also served on the global executive of Deloitte.
“We are grateful for his guidance, leadership and wise counsel,” said Nedbank CEO Mike Brown. “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 much of 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.” Mabuza died of Covid-19 in June this year.
More than 90 CEOs joined the CEO Initiative in 2015 to help stave off an economic crisis and liaise with government.
Mpho Makwana, who has been acting chairperson of Nedbank since January, will continue to serve as acting chair. An announcement on a permanent chairperson will be made in due course, Nedbank said.
Naidoo leaves behind his wife Sheila and his daughter Carmeni.