Standard Bank, Africa’s largest lender by assets, has appointed Nonkululeko Nyembezi as the chair of the banking group and its boards. She will also chair the directors’ affairs committee.
Nyembezi’s appointment comes into effect on June 1 following the resignation of Thulani Sikhulu Gcabashe.
In a statement today, Standard Bank said: “This appointment followed a robust succession planning process that was ably led by the group’s lead independent director. The group has also obtained the necessary prudential authority clearance for the appointment.”
Nyembezi has been with the group since 2020, serving as an independent non-executive director. She previously served in various capacities for big companies including Alexander Forbes Group Holdings, where she was the chairperson.
She also served as the non-executive director for Old Mutual, and was previously the CEO of ArcelorMittal South Africa.
Nyembezi is an MBA graduate from the Open University Business School in the UK, and also holds an MSc (electrical engineering) from the California Institute of Technology.
“The boards congratulate Nonkululeko on her appointment and look forward to her leadership.”
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