CEO Sizwe Nxasana sells R25m worth of FirstRand shares


Just over six months remain until Sizwe Nxasana steps down from the helm of FirstRand. Last week the bank's CEO announced his retirement, effective from September.

JOHANNESBURG - Outgoing FirstRand CEO Sizwe Nxasana has sold almost R25-million worth of FirstRand shares, the company announced on Tuesday.

Although no reason for the sale was given, it appears to be in part, a preparation for his pending departure from the company in September as the bulk of the share was transferred to his associate company, Cygnitouch Investments.

The shares were sold in two tranches at a price of R53.40 cents each.

The first batch of 353,836 shares with a value of R18.8 million were transferred to Cygnitouch on June 24, while the second batch saw about 109,639 shares with a value of R5.8 million being sold on the same day in an off market sale.

Nxasana, who is one of the founders of South Africa’s fifth largest audit firm, Sizwe Ntsaluba Gobodo and a former Telkom CEO, is expected to pursue private interests once his departure from his FirstRand post is effective end of September.

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