Thomas Andrew Boardman (53) has been an executive director of Nedcor since last year, heading up the group's retail and wealth management division. He will take over from outgoing chief executive, Richard Laubscher, on 1 January 2004.
Boardman is an experienced banking executive. He was chief executive of BoE Ltd prior to its merger with Nedcor in July last year. Before this he was managing director of BoE Bank following a career with BoE over sixteen years. He has a broad range of banking experience that spans merchant and investment banking, corporate banking and retail financial services. Boardman has a B Com, CA(SA).
Commenting on the appointment Nedcor chairman Chris Liebenberg, said: "Over the past 15 months that Tom has been with the Nedcor group he has demonstrated his strong leadership skills. Tom has been a leader in the industry for some time, has strategic vision, knows the group well and understands the issues facing the group. The Nedcor board is confident that Tom will successfully lead Nedcor into a new era.
Boardman said: "It is a privilege to have the opportunity of leading Nedcor at this stage of its development and to take over from a chief executive of the calibre and stature of Richard Laubscher. I inherit a sound, solidly profitable bank with assets in excess of R300bn. Nedcor has an impressive client franchise, wide product offering, and depth of people skills. This is a great bank with great people. In recent years though, it has not met market expectations and significant changes are needed to put Nedcor back on a superior growth path and to restore its premier rating.
"Today, I have agreed with the board a five-point plan that addresses
my immediate priorities:
One. My first task is to review, clarify and amend our strategy where appropriate. We must ensure that the group returns to an acceptable and sustainable growth path. Nedcor has the necessary resources and skills to achieve stronger growth going forward and it is incumbent on the executive management team to unlock this potential. As part of our strategy we will continue to fully support the principles of the financial services charter.
Two: The merger process is going well and we will ensure that it continues to be properly implemented and that we extract the full value and targeted operational synergies in the stated time periods.
Three: We will review the composition of the executive management team and make any necessary changes. Nedcor has a strong pool of talent and, at this stage, I envisage that any changes are likely to come from resources within the group. I am passionate about accountability and give my commitment to furthering this principle. All the members of our executive and management teams will have clear targets and objectives to ensure that we are accountable and deliver on our objectives. Key changes to the roles and responsibilities of the executive team members will be announced as quickly as possible.
Four: We will ensure the spotlight is on client service excellence throughout the bank. We will focus on ensuring our clients receive the service they deserve and expect.
Five: We will adopt a conservative approach and ensure transparency and openness in the way we operate and communicate both internally and externally. "
Boardman continued: "My overall sense, after having been with the Nedcor group for 15 months, is that there is a passion within the bank to regain its position as being South Africa's most highly rated and respected financial institution.
"On Monday November 17, Nedcor will give a third quarter trading and integration update to the market. We will also give a progress report on the five point plan set out above."
This page was updated on 5 May, 2006
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