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FirstRand CEO to step down

Sizwe Nxasana, CEO, FirstRand Bank is stepping down after being at the helm of Africa’s largest banking group for five years. He will be replaced by his deputy Johan Burger. The change will happen in October. Nxasana, 57, has been invited to join the company’s board as deputy chairman in 2017. Nxasana took over from Paul Harris as CEO in January 2010. FirstRand’s share price has since more than tripled, outstripping growth by its three largest rivals including Barclays Africa Group and Standard Bank Group. Burger, 56, has been Nxasana’s deputy since 2013. He has been with the group since 1987, including serving terms as chief financial officer and chief operations officer.

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