Standard Bank Group chief executive Sim Tshabalala has rung big changes at the bank’s senior executive management level.
The changes, announced on Friday, will see Kenny Fihla being promoted to deputy chief executive of the group.
Fihla will also occupy the role of chief executive of the Standard Bank of South Africa Limited. Lungisa Fuzile, a former director-general of the National Treasury, previously held this position.
Fuzile, who has been appointed group head: public policy and regulation as well as regional chief executive of the group’s southern and central region of the Africa regions portfolio, will now report to Fihla.
Luvuyo Masinda will assume the role of chief executive of corporate and investment banking, succeeding Fihla.
Masinda, who joined Standard Bank in 2007 in the finance function, will report to Tshabalala.
Masinda has held the roles of chief financial officer, chief risk officer, and head of client coverage for CIB before being appointed as its deputy chief executive in October 2023.
Strengthening the management structure
Tshabalala said the executive appointments will simplify and strengthen the bank’s management structures.
They will also improve the bank’s competitiveness in the short to medium term and continue its strong growth momentum.
The appointments are effective from September 1.
Yinka Sanni, current chief executive of Standard Bank Africa regions and offshore, will take on the role of group executive.
This will see Sanni leading the group’s relationships with some of the bank’s top clients and regulators.
“In addition to these duties, Yinka will support Kenny Fihla in refining the structure of the Africa regions and offshore businesses,” the bank said.
Sanni will also report to Fihla.
“Kenny Fihla is a most experienced and successful executive — a leader’s leader of immense effectiveness, having served the group in various senior executive roles over the past 18 years,” said Tshabalala.
Vote of confidence in Fihla
“I look forward to working even more closely in partnership with Kenny as we develop and execute the group’s strategy.
“I have no doubt that the group’s subsidiary network will continue to flourish and expand under Kenny’s leadership.
“Lungisa Fuzile has been an outstandingly successful leader of SBSA [Standard Bank of South Africa].
“He has remarkable wisdom and deep experience in leadership, management, finance, economics, public policy, and regulatory matters.
“Yinka Sanni has led Africa regions and offshore with distinction and has exceptionally deep banking, management, and leadership skills, combined with Africa-wide experience.
“I am delighted that we will continue to be able to draw on Lungisa’s and Yinka’s talents in their new capacities.”
Masinda said he was honoured to be appointed as Fihla’s successor.
Said Masinda: “He has built the strongest and most successful corporate and investment banking business in Africa. I am determined to extend his legacy.”
