Major South African bank gets a new CEO

Standard Bank has announced the appointment of David Hodnett as CEO of The Standard Bank of South Africa (SBSA).  

Hodnett, who currently serves as the Group’s Chief Risk Officer and leads its Corporate Affairs portfolio, brings over 30 years of leadership experience and deep institutional knowledge to his new role as CEO of SBSA.

Thabani Ndwandwe will succeed David Hodnett as the Group Chief Risk Officer and will become a member of the Group Leadership Council. Ndwandwe will retain his SBSA CRO responsibilities.  

Having joined the Group in 2004, he brings two decades of experience and has demonstrated deep expertise in managing risk portfolios across multiple jurisdictions. 

Lungisa Fuzile’s role as interim CEO for Africa Regions and Offshore has now become a permanent appointment.

“These key appointments demonstrate the Group’s significant depth of leadership succession pipeline,” said Sim Tshabalala, CEO of Standard Bank Group. 

“David has extensive experience in South Africa’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.”

Standard Bank confirmed that these appointments remain in line with its ongoing commitment to continue to deliver against its strategy, while developing strong internal leadership capabilities.

The effective date of both David Hodnett’s and Thabani Ndwandwe’s appointments is subject to the receipt of regulatory approval.

These appointments come less than a month after Standard Bank announced that CEO Sim Tshabalala and CFO Arno Daehnke will retire at the end of 2027. 

The bank has given itself substantial time to find a new CEO and CFO, with Tshabalala and Daehnke set to lead Standard Bank for two more years. 

Crucially, Tshabalala and Daehnke will take the bank into its next set of medium-term targets after significantly optimising its current structure under its 2025 strategy.

Tshabalala told Daily Investor after the bank’s latest set of interim results that the next CEO is very likely to be an internal candidate. 

“I must mention this. Standard Bank is a great institution. We keep telling people to go and read the statement issued by our chair. It makes clear reference to our deep bench strength,” Tshabalala said. 

“We grow our own timber at Standard Bank. It goes to the very DNA of the bank to look at things over the long term, including leadership succession.”

Tshabalala himself was made CEO of Standard Bank South Africa before being elevated to the top job, with it being seen as a traditional stepping stone towards taking the reins at a group level.