New Nedbank CEO Jason Quinn took a financial hit when he left Absa Bank, forfeiting R60 million in long-term incentive awards. Quinn, a seasoned banker with decades of experience, transitioned from his role as Absa’s group financial director to take over as Nedbank’s chief executive. However, the move came at a significant financial sacrifice.
A Veteran Banking Career
Quinn started his professional journey at Ernst & Young in 1992, becoming a partner in 2005. He later transitioned to the banking sector, joining Absa in July 2008 as group financial controller. Over the years, he climbed the ranks, serving as:
- CFO of retail and business banking
- Head of finance in 2014
- Group financial director from 2016 to 2023
- Interim CEO from April 2021 to March 2022
A Strategic Move to Nedbank
In November 2023, Absa confirmed Quinn’s resignation, thanking him for his contributions. On the same day, Nedbank announced his appointment as CEO, succeeding Mike Brown after the Nedbank Group AGM on 31 May 2024.
Nedbank chairperson Daniel Mminele, who was also a former Absa CEO, expressed confidence in Quinn’s leadership. Interestingly, Mminele had his own controversial exit from Absa, parting ways after boardroom clashes. Unlike Quinn, however, Mminele secured a R30 million termination package, which included nearly R500,000 in legal fees.
Why Quinn Lost R60 Million
Unlike Mminele, Quinn did not receive a payout upon leaving Absa. The bank’s latest annual report revealed that he forfeited R60.1 million in long-term incentive awards, due to the terms of his resignation.
According to Absa, in March 2022, Quinn had signed a retention agreement aimed at ensuring senior executive stability. However, as per the agreement’s terms, he forfeited:
- 50% of all deferred short-term incentives
- 100% of all long-term incentives
At the 31 December 2023 share price, the total value of the forfeited awards stood at R60.1 million. However, Quinn retained R6.6 million in deferred short-term incentives, which will vest at a later date.
The Cost of Career Moves in Banking
High-profile banking exits often involve complex financial arrangements. While Mminele secured a golden handshake, Quinn’s transition came with significant financial sacrifices. However, as Nedbank’s new leader, Quinn is now in a position to shape the bank’s future—and potentially recoup his losses through his new role.
