Standard Bank CEO Sim Tshabalala has described the abrupt resignation of his second-in-command, Kenny Fihla, as a “heavy blow” for Africa’s largest bank by assets — just months after he was given more clout at the bank in a leadership overhaul.
On Monday, the lender informed the market that Fihla had relinquished his role as deputy CEO in a surprise move that saw him decide to join smaller rival Absa as its new CEO in June.
“While this is a heavy blow for us, the group is blessed with a surfeit of talent and deep succession pools,” Tshabalala said in a statement, which indicated Fihla tendered his resignation on Sunday night.
“Further announcements in respect of the leadership of our geographies will be made in due course. 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 SA, on the continent and globally.
“Under his guardianship as CEO 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 onward journey,” Tshabalala said in the statement.
Fihla was largely seen as a possible successor to Tshabalala after he was granted more powers at the group in sweeping executive changes in September — which essentially put a large chunk of the bank’s operations under his guidance and earned him a place on the board.
His elevation to the role of deputy CEO saw him assume responsibility for both Standard Bank SA and the group’s Africa regions, with the CEOs of the regions, Lungisa Fuzile and Yinka Sanni, assigned ceremonial roles reporting to Fihla.
It remains to be seen whether Standard Bank will retain the deputy CEO role — reinstated last year after a decade. The last time Standard Bank had a deputy CEO role was in 2013 when Tshabalala, Ben Kruger and Peter Wharton-Hood served as Jacko Maree’s deputies.
Tshabalala and Kruger went on to serve as joint group CEOs until the former took over sole control of the group in 2017.
Fihla becomes the seventh Absa CEO, either on an acting or permanent basis, since 2019 after years of leadership turmoil at the bank. When Maria Ramos retired in 2019 after a decade in the role, she was replaced temporarily by Rene van Wyk, who acted in the role for a year.
Then the lender roped in former Reserve Bank deputy governor Daniel Mminele as CEO, who lasted just 16 months in the role after clashes with the board over strategy.
Jason Quinn acted in the role until Arrie Rautenbach was appointed to the position in 2022. Rautenbach took early retirement last year and was temporarily replaced by Charles Russon, who will now hand over the reins to Fihla.
Fihla’s appointment as Absa’s CEO means that for the first time, three of SA’s largest banks — Standard Bank, FirstRand, and Absa — will be led simultaneously by black CEOs. FirstRand, the country’s most valuable banking group, is led by Mary Vilakazi. Absa, Nedbank and Standard Bank are also led by black chairs.
The Black Business Council welcomed the appointment of Fihla as Absa CEO.
“Kenny is a veteran and an extremely competent banking executive who has proven himself over the years by doubling revenue at the biggest corporate investment banking the continent of Africa,” the council said.
“The appointment is historic as, for the first time in the history of SA, the top three [of five] banks in the country are run by capable and highly skilled black Africans.”
Fihla is due to start on June 17 and his appointment was subject to regulatory approval.
Standard Bank said the necessary succession planning measures would be announced in due course.
Absa said Russon remained the interim CEO of Absa Group and Absa Bank until June 16 and will partner closely with Fihla to ensure a smooth leadership transition, after which he will take a key senior role within the group executive committee.
Correction: March 18 2025
This article has been corrected to reflect that Standard Bank last had a deputy CEO in 2013.
With Jackie Mackenzie
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