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FNB CEO resigns

Michael Jordaan says he wants to spend more time with his family.

Michael Jordaan wants to spend more time with his young family. Picture: Supplied

JOHANNESBURG - First Rand Limited on Wednesday announced that Michael Jordaan would step down as FNB CEO at the end of the year after 10 years in the job.

He will be replaced by Jacques Celliers who is currently the CEO of FNB's business banking and head of its India expansion.

The bank said Jordaan first indicated in 2010 that he would step down at the end of 2013.

He has been commuting between Cape Town and Johannesburg for the past five years and the board says it fully understands his desire to spend more time with his young family.

In January, he denied reports that he had resigned calling them mere speculation.

Jordaan took to Twitter confirming his resignation and joking that the infamous Steve from FNB's advertising campaign would not be joining him.

Jordaan's successor is the 41-year-old Celliers who will be taking over responsibilities incrementally over the next six months.

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