Inside the race to replace Sim Tshabalala as Standard Bank CEO 

Standard Bank CEO Sim Tshabalala is set to retire in 2027 after running the bank for a decade since he took the top job on his own in 2017. 

This has naturally raised questions as to who will replace Tshabalala as CEO of Africa’s largest bank by assets, which has gone from strength to strength in recent years. 

Tshabalala’s retirement date was set alongside that of CFO Arno Daehnke following the release of the bank’s interim results for the first half of 2025. 

Standard Bank reported a strong set of results, with headline earnings per share up 8% to R24 billion and a return on equity of 19.1% – the highest level for the bank under the current regulatory regime. 

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 interim results that he and Daehnke are committed to meeting the ambitious targets set out for the coming few years. 

“Firstly, I am very focused, as is my partner, Arno Daehnke, on delivering headline earnings per share growth of between 8% and 12% for our medium-term targets,” Tshabalala said. 

“We are absolutely determined to do that as a team, and the same for the return on equity within the higher range of 18% to 22%. I am looking forward to the privilege of continuing to do that until December 2027.” 

Standard Bank is well-known for its comprehensive succession planning. However, this was shaken up by the shock departure of long-time executive Kenny Fihla, who is now Absa CEO. 

After working at the bank for 18 years in various roles, including as leader of its prestigious Corporate and Investment Banking (CIB) division, Fihla was tipped for the top job at Standard Bank. 

The bank appointed him as its deputy CEO to Tshabalala and as head of its South African business, which is the traditional path to becoming Group CEO. 

Following Fihla’s departure, Tshabalala took on his management responsibilities and the title of Standard Bank of South Africa CEO. 

‘We grow our own timber’ 

When asked by Daily Investor about Tshabalala’s plans for retirement, the CEO was crystal clear in dispelling all uncertainty about his successor. 

“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.” 

The bank is very likely to appoint an internal candidate to replace Tshabalala as CEO, with its history pointing to the current crop of business unit heads. 

“In the history of the bank, there has only been one chief executive, only one who has come from the outside, and it was the first one, Robert Stewart,” Tshabalala said.

Stewart came from Scotland to run the Standard Bank of South Africa from 1865 to 1875, Tshabalala explained with pride. 

“All of them subsequently. All of the CEOs after that – Lewis Mitchell, Hector McKenzie, FE King, Eddie Theron, Mike Vosloo, Jacko Maree, Ben Kruger – all of them were internal,” Tshabalala said.

“That tradition is going to continue.” 

The frontrunners for the job appear to be the bank’s CIB head, Luvuyo Masinda, and the leader of its Personal and Private Banking (PPB) division, Funeka Montjane.

Masinda is a strong candidate, leading the bank’s prestigious crown jewel of the CIB division, which is the largest contributor to its headline earnings. 

The division also posted a record investment banking origination of R123 billion for the six months of 2025, driven by energy and infrastructure investment. 

Masinda has been at Standard Bank since 2007, working his way up the CIB ladder to be its CFO in 2014 and head of client coverage in 2017. 

In 2021 he took up the role of chief risk officer for the CIB division until September 2023 when he was appointed deputy CEO of the unit. A year later, he was CEO. 

Others have tipped PPB leader Montjane, with the unit playing an increasingly important role within the bank. As part of its medium-term strategy, Standard Bank wants to be the dominant private bank in Africa. 

Montjane has been at the bank for a period of time similar to Masinda, joining in 2008 as CFO of the PPB division in South Africa. 

In 2010, she was appointed head of home loans in South Africa and the head of credit for the country in 2011. A year later, she was CEO of PPB South Africa. 

After leading the PPB South Africa unit for nearly a decade, Montjane was appointed as CEO of the PPB unit at a group level in 2021.