In a statement issued on Monday morning, the company said Nene was a welcome and valued addition to the firm’s board.
“We are very happy to have someone of Mr Nene’s experience on our board and we are grateful that he chose to accept the appointment. We are looking forward to his strategic and leadership contribution to the board,” said Allan Gray board chairman Ian Liddle.
Nene first let the cat out of the bag during an interview with eNCA last week when he revelaed that he would be taking up a job in the private sector, but he refused to divulge any details until his employers made the announcement.
Nene’s appointment follows just over four months of “gardening leave” after he was unceremoniously fired from his post as Head of the Treasury by President Jacob Zuma in early December last year – a decision that sent the market into panic with the rand plummeting to near all-time lows against foreign currencies.
The move is said to have cost the South African economy around R500 billion.
In explaining his decision to dismiss Nene, Zuma said at the time that Nene had been identified to fill the strategic position of heading up the African regional centre of the newly established Brics bank.
“The urgency of the changes in the leadership of the National Treasury was occasioned by the need to send nominations to Shanghai, of the Head of the African Regional Centre of the New Development Bank/BRICS Bank, to be based in Johannesburg. Mr Nene is our candidate for this position,” Zuma’s statement at the time read.
“We are fully backing his candidature, knowing full well that he will excel and make the nation proud in his next assignment.”
Nene was replaced by little known ANC backbencher MP David ‘Des’ Van Rooyen for four days before Pravin Gordhan was reinstated to his previous post.