Iain Williamson will step down from the boards of Nedbank, citing scheduling challenges with his role as CEO of Old Mutual.
Nedbank on Monday issued a shareholder notice of the board changes.
Williamson will step down from the role of non-executive director of Nedbank at the close of the annual general meeting scheduled on 26 May 2021 and he will do the same following the Nedbank Group's annual general meeting scheduled two days after.
Williamson was appointed to the boards of the companies on 1 June 2020 - this as part of a relationship agreement between old Mutual and Nedbank. As per the agreement, Old Mutual can nominate a director to the boards of the companies, for as long as its shareholding is equal to or greater than 15% in Nedbank group, the statement read.
"Iain has decided to step down from Nedbank boards given time and scheduling challenges vis-à-vis his role as Group CEO of OML and a non-executive director of a bank," the notice read.
Old Mutual is yet to advise Nedbank of a proposed nominee to replace Williamson.
Williamson was appointed Old Mutual CEO in July 2020, having served as acting CEO after incumbent Peter Moyo's was first suspended and then later fired.
Moyo had legally challenged his dismissal in a lengthy battle that ended in March 2020 when the Supreme Court turned down his appeal bid.