Sim Tshabalala – the chief executive of JSE-listed banking giant Standard Bank Group (SBG) – takes on the additional responsibility of interim CEO of Standard Bank of South Africa Limited (SBSA) effective 8 April, the group confirmed on Tuesday evening.
SBG’s biggest operation by far is its SA business, and the move follows the resignation of Kenny Fihla, the group’s deputy chief executive and CEO of SBSA, in March to take on the role of group CEO of rival Absa later this year.
Read: Fihla says ‘goodbye Standard Bank, hello Absa’
Tshabalala’s interim role as SBSA CEO is “subject to regulatory approval”, the bank said.
“Accordingly, Sim will serve in a dual capacity as chief executive of Standard Bank Group and SBSA, and as executive director on the boards of both companies, until such time as the boards make further announcements regarding executive succession planning,” it noted.
Fihla’s departure from SBG came as a surprise last month, as he was seen by some market watchers as a contender for the SBG top job when Tshabalala leaves.
“Following the group’s announcement on 17 March 2025, in which Kenny Fihla’s resignation from Standard Bank Group and SBSA was announced, shareholders and noteholders are hereby informed that Kenny Fihla has resigned as an executive director of SBSA; as a member of [the] group and SBSA board committees; and as non-executive director of Stanbic Africa Holdings Limited and ICBC Standard Bank Plc, with effect from 8 April 2025,” the group’s latest Sens further stated.
“Kenny will remain an employee of the group and continue to serve his contractual notice period on garden leave until 13 June 2025,” SBG added.
Read/listen:
Absa firmer on new boss announcement [March 2025]
Standard Bank ups dividend on strong results [March 2025]
Standard Bank shuffles senior-executive roles [Aug 2024]
Standard Bank puts plans to exit ICBCS joint venture on ice [Aug 2024]
Fixing SA begins with clear and decisive leadership – Sim Tshabalala [Nov 2022]
Meanwhile, SBG also announced on Tuesday that Lungisa Fuzile, the current regional chief executive for the group’s South and Central Region, has been appointed interim chief executive of Africa Regions and Offshore, also effective 8 April 2025.
Africa’s biggest banking group by assets said Fuzile’s new appointment within SBG is subject to regulatory approval. He will report to Tshabalala and join the Group Leadership Council.
“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,” commented Tshabalala.
“We congratulate Lungisa as he takes on these expanded responsibilities and wish him success in his new role,” he added.
SBG’s share price
COMMENTS 0
You must be signed in to comment.
SIGN IN SUBSCRIBE
or create a free account.
Free users can leave 4 comments per month.
Subscribers can leave unlimited comments via our website and app.