SIBONGILE VILAKAZI | Succession, an heir or cadre deployment

Nedbank’s announcement that its COO, Mfundo Nkuhlu , will take early retirement at year-end after more than a decade in the role and that the position will subsequently be made redundant is more than an executive departure.

The COO is not an insignificant position. The role has historically been highly valued, with remuneration broadly comparable to that of the CEO and on par with the CFO. In 2025, Nkuhlu’s total earnings were 2.4% higher than those of CEO Jason Quinn , largely because of vested short- and long-term incentives.

More importantly, the COO is responsible for translating the CEO’s strategy into enterprise-wide execution and providing a single point of accountability for operational execution. Its removal therefore raises a question beyond operational efficiency: when leadership changes, who decides what should be preserved, what should change and who is legitimate to carry the institution forward?

This is the often-overlooked governance dimension of succession. Succession is usually framed as a talent question: identify the person with the competence to do the job and appoint them. Competence is essential, but it is not the whole question.

Succession is also about trust, institutional purpose, continuity and legacy. Every incoming leader inherits an institution shaped by the decisions, relationships, culture and strategy of those who came before. They can preserve that legacy, adapt it or deliberately move away from it. Each choice affects the institution’s future.

In Nedbank’s case, the removal of the COO position can be read as more than an operating-model decision. It signals the end of the Mike Brown era and the beginning of the Quinn era, potentially reflecting a different approach to executive accountability and organisational design.

The same tension is visible in institutions where succession is explicitly tied to legacy.

Consider the succession of the Zulu monarch. Prince Misuzulu was identified as successor by Queen Mantfombi Dlamini Zulu, who had assumed the role of regent after the death of King Goodwill Zwelithini. Her written indication that Prince Misuzulu should succeed was subsequently accepted through processes within the royal family, and President Cyril Ramaphosa formally recognised him as king in 2022. The succession was contested by other members of the royal family and ultimately tested in court. The Supreme Court of Appeal dismissed the challenges and upheld the lawfulness of Misuzulu’s identification and recognition.

In Nedbank’s case, the removal of the COO position can be read as more than an operating-model decision. It signals the end of the Mike Brown era and the beginning of the Quinn era, potentially reflecting a different approach to executive accountability and organisational design.

At the heart of that dispute was not simply the question of who was most qualified to occupy the throne. It was a question of authority, legitimacy and who had the right to determine who would carry the institution and legacy forward.

This matters because governance debates sometimes assume that merit is a universal and self-evident basis for succession. It is not.