Standard Bank Group boss Sim Tshabalala has taken over the role of interim chief executive of the bank’s South African division.
Tshabalala temporarily takes over the position following a high-profile resignation of the bank’s group deputy group chief executive, Kenny Fihla, who was also CEO of the financial institution’s SA division.
Fihla resignation a big blow
Tshabalala described Fihla’s resignation as a big blow. He is leaving to join fierce competitor Absa Group and Absa Bank as its CEO and executive director effective June 17.
Fihla was announced as Standard Bank’s Group deputy chief executive in August 2024. He was widely viewed as Tshabalala’s successor.
In a media statement released on Tuesday evening, the bank said Tshabalala’s appointment would be effective from April 8, subject to regulatory approval.
“Accordingly, Sim will serve in a dual capacity as Chief Executive of Standard Bank Group and SBSA. Also as executive director on the boards of both companies. This will be until such time as the boards make further announcements regarding executive succession planning,” read the statement.
Fuzile appointment interim
The statement confirmed former National Treasury director general Lungisa Fuzile’s appointment. He is now interim chief executive of Africa Regions and Offshore, also with effect from April 8. And this is subject to regulatory approval. Fuzile is the current regional chief executive for the group’s South and Central Region,
“Lungisa will report to Sim Tshabalala and will join the Group Leadership Council (GLC).”
Tshabalala said: “Lungisa and I will work together closely as we continue to develop and execute the group’s strategy in relation to its footprint outside of South Africa. We congratulate Lungisa as he takes on these expanded responsibilities and wish him success in his new role.”
Fuzile was last August reshuffled from being CEO of the Standard Bank of South Africa. He was moved to being group head: public policy and regulation. This as well as regional chief executive of the group’s southern and central region of the Africa regions portfolio. He was made to report to Fihla.
