South Africa’s FirstRand bank today announced that Michael Jordaan would be stepping down as CEO of FNB at the end of the year.

He will be succeeded by Jacques Celliers, currently CEO of Business Banking at FNB. Celliers indicated that innovation will remain part of the bank’s DNA.

Jordaan said he will spend time with his family while he decides how he would like to get involved in the entrepreneurial space in future. He did say, however, that it would not be with a rival financial services provider.