Nedbank has picked an outsider to lead its next chapter. Jason Quinn, the CFO of Absa, will take over from Mike Brown as group CEO in June 2024. He faces a daunting challenge at Nedbank, where he will have to win the trust and support of his executive team, some of whom were also vying for the top job.
Quinn, 49, has a lot going for him. He has a strong financial and analytical background, having qualified as a chartered accountant and worked at Ernst & Young before joining Absa in 2008. He played a key role in Absa’s separation from Barclays, which involved a complex and challenging process of rebranding, restructuring and repositioning the bank. He was also the interim CEO of Absa from April 2021 to March 2022.
Nedbank chair Daniel Mminele, who worked briefly with Quinn at Absa, has assured the market that Quinn was the best candidate for the role, after a global and domestic search that involved internal and external candidates. He also said the executive committee acknowledged and supported the board’s decision and looked forward to welcoming Quinn into the Nedbank family.
But is this really the case? How easy will it be for Quinn to lead a team of executives who may feel overlooked or sidelined by the board? How will he deal with the possible resentment, rivalry or resistance from his new colleagues? How will he assert his authority and vision without alienating or demoralising them?
These are not trivial questions. They go to the heart of the leadership culture and dynamics at Nedbank, which will have a direct impact on its performance and strategy.
Quinn will inherit a bank that has been transformed and modernised under Brown’s leadership, but also one that faces intense competition and disruption in the post-pandemic era. He will need to build on the strong foundation that Brown has laid, but also take Nedbank to the next level.
To do this, he will need the full co-operation and collaboration of his exco, who are responsible for the various business units and functions of the bank. He will need to earn their respect and loyalty, not just by his credentials and experience but also by his actions and decisions. He will need to show that he understands the bank’s culture and values and that he can align them with his own vision and goals. He will need to balance the need for continuity and change, and manage the expectations and interests of various stakeholders.
This is not an easy task for any leader, let alone an outsider. Quinn will have to prove himself not only to the market but to his own team. He will have to overcome the potential pitfalls and perils of being an outsider CEO. Sure, he has some familiarity with Nedbank’s board because he has worked with Mminele. But by and large he is an outsider.
“I have been encouraged by my interactions with the board, and the leadership culture and purpose statement resonate strongly with me. I intend to build on those and the strategy, with the team, to deliver strong stakeholder value creation,” Quinn said last week after his appointment.
But words are cheap. Actions speak louder. Quinn will have to show he can deliver on his promises and win the hearts and minds of his team. He will have to pass a tough test of leadership. Nedbank’s future depends on it.
• Motsoeneng is Business Day deputy editor.
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