Michael Jordaan hasn’t resigned as CEO, says FNB
FIRST National Bank said on Friday afternoon that Michael Jordaan remained CEO and had not resigned from the FirstRand-owned commercial bank.
The statement follows a media report from Moneyweb which noted that Mr Jordaan had informed some "sources" close to the bank of his intention to leave at the end of the year.
"We can confirm that Michael Jordaan remains CEO of FNB and has not resigned. It would not be appropriate for us to comment further on speculation or rumours as any changes in senior management and succession planning around those will be managed through the proper governance processes of FirstRand," FNB spokeswoman Virginia Magapatona said in a statement.
Mr Jordaan, who has been CEO of FNB since 2004, has previously noted on other platforms that he would want to graduate to other roles within the FirstRand stable. At the end of 2013 he would have served as CEO of FNB for close to 10 years.
Talk of Mr Jordaan’s departure came on the day when the ruling African National Congress (ANC) and FNB met to discuss the bank’s advertising campaign which was described as offensive by the ruling party. Videos on FNB’s online platform depicted children in school uniform calling for, among other things, an end to corruption and people voting for the "same government" while hoping for change.
Following a meeting with the ruling party on Friday, FNB said it had apologised and had no intention to attack the government and the ANC.
"The African National Congress and First National Bank met today to discuss the FNB ‘You Can Help campaign’ whose online postings raised objections which tarnished the image of the ANC and its government. The meeting provided for constructive, robust and honest dialogue between both parties.
The ANC pointed out in the meeting that the clippings were a deliberate posting on FNB website to attack the ANC and it fed into the opposition narrative that seeks to project the ANC and its government in a negative manner. The ANC further asserted that the clippings were meant to delegitimise the ANC and it’s government particularly amongst the youth, " read a joint statement issued by the ANC.
It was further pointed out that the clipping had a negative impact on business confidence and may undermine the objectives of promoting investment into the country. The ANC indicated that its leadership and membership were strongly raising a question why the organisation should continue to bank with a bank that has adopted an oppositional stance to it. The ANC strongly objected to the characterisation of its objections as based on misunderstanding the intentions of the advertising campaign by the bank."
A statement released by FNB confirmed that the meeting "provided for constructive, robust and honest dialogue between both parties".
"The CEO of FirstRand, Sizwe Nxasana, refuted the suggestion that FNB’s intention was to attack the ANC and the government and reiterated the positive objectives of the campaign. We apologised for the posting of the research interview clippings online, however we are pleased that the ANC has expressed its support for the overall FNB ‘You Can Help’ campaign," FNB said.