Standard Bank deputy group chief executive Kenny Fihla has resigned, a move that Africa’s leading financial services company by total assets says will not disrupt its succession plan.
This comes after Fihla, who was announced as the bank’s group deputy chief executive in August 2024, was viewed as Sim Tshabalala’s successor.
At the time, he was also promoted to Standard Bank SA CEO position after Tshabalala embarked on a massive reshuffle of his executives.
Remuneration package drops
Fihla leaves after the company’s financial results, which were released last week, showed that his total remuneration package decreased to R67 292 000 from R69 903 000 in 2023.
However, it is currently not clear why Fihla has decided to resign from the cushy position.
In a statement released on Monday, Standard Bank Group chief executive Tshabalala described Fihla’s departure as a big blow.
“After 18 years of service to the Standard Bank Group, Kenny Fihla, the group’s deputy chief executive and chief executive of SBSA, tendered his resignation last night,” said Tshabalala.
“He will proceed on garden leave as of today. While this is a heavy blow for us, the group is blessed with a surplus of talent and deep succession pools.
“Further announcements in respect of the leadership of our geographies will be made in due course.
“Kenny joined us in 2006 as an executive in the financial asset services business of corporate & investment banking (CIB).
Contribution to the group
He continued: “He held a variety of roles in CIB, including head of transactional products & services, head of client coverage, and deputy chief executive, before being appointed as its chief executive in June 2017.
“Kenny has made an immense contribution to our group in his various roles over the course of his career with us and is recognised as an accomplished banker and leader in South Africa, on the continent, and globally.
“Under his guardianship as chief executive from 2017 to 2024, CIB doubled its headline earnings to R20.5bn and achieved a compound annual growth rate of 8.6%.
“We are fortunate to have been able to draw on his unique combination of experience and wisdom in business, government, and the labour movement. We wish Kenny continued success on his onwards journey.”
