Standard Bank has tapped insider David Hodnett as the next CEO of its SA operations, in keeping with the lender’s long tradition of promoting people from within its ranks to leadership roles.
The bank’s SA operations still account for a large chunk of its earnings and assets, which hover around R2-trillion — making the role Hodnett is stepping into of critical importance.
The bank on Monday announced the appointment of Hodnett, currently the group’s chief risk officer, as Standard Bank SA (SBSA) CEO, subject to regulatory approval.
“David Hodnett, who currently serves as the group’s chief risk officer, brings over 30 years of leadership experience and deep institutional knowledge to his new role as SBSA CEO,” the bank said.
Thabani Ndwandwe, the current chief risk officer of SBSA and the personal and private banking division, will succeed Hodnett, with his appointment also subject to regulatory approval.
Hodnett’s appointment will allow group CEO Sim Tshabalala to fully focus on executing the group’s strategy.
Tshabalala took on additional responsibilities of acting as SBSA CEO after the resignation of Kenny Fihla earlier this year to join Absa as group CEO.
Standard Bank a year ago integrated the roles of SBSA CEO and that of Africa regions and offshore into Fihla’s office, until his surprise resignation in March.
The group, which derives about 41% of its earnings from outside SA, said Lungile Fuzile’s acting role as CEO for Africa regions and offshore will now become a permanent appointment — bringing about leadership stability at the top echelons of Africa’s largest bank by assets.
Tshabalala said the internal appointments demonstrated the group’s “significant depth” of leadership succession pipeline.
“David has extensive experience in SA’s financial services sector and has demonstrated exceptional leadership capabilities in our group. Since joining Standard Bank two decades ago, Thabani has shown exemplary leadership across the risk portfolio while Lungisa has a proven record of accomplishment,” Tshabalala said.
The group has given itself two years to find a successor to Tshabalala and group CFO Arno Daehnke, who are set to retire at the tail end of 2027.
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