Major South African bank gets a new CEO

South Africa’s Land Bank has appointed a new acting chief executive officer (CEO) following the resignation of Themba Rikhotso.

Land Bank has selected Jabu Mphambo, who currently serves as the bank’s chief banking officer, to temporarily step into Rikhotso’s role.

Land Bank, also known as the Land and Agricultural Development Bank of South Africa, was established in 1912 as a specialist agricultural bank.

The bank is focused on South Africa’s commercial and emerging farmers, making specially designed financial services available to them. 

These services enable farmers to finance land, equipment, and assets, and to obtain production credit.

Land Bank operates as a public entity, overseen by the National Treasury. In its latest annual report for the 2023/24 fiscal year, the bank reported a surplus of R21.36 million, its third consecutive surplus.

On 9 February 2026, Land Bank announced that its CEO is resigning. Rikhotso had been with the bank since April 2023 and left to take on an opportunity at another South African banking institution.

Rikhotos was instrumental in steering Land Bank out of a four-year debt default, which had threatened the bank’s sustainability and forced it to halt lending.

“On behalf of the board, we extend our sincere appreciation to Mr Rikhotso for his commitment, leadership, and valuable contribution during his tenure at Land Bank,” said Land Bank chairperson Mcebisi Skwatsha when the resignation was announced. 

“We take this opportunity to wish him every success in his future endeavours.”

Mphambo, who will take on the CEO role with immediate effect from 17 February, joined Land Bank in November 2024 as its chief banking officer.

In this role, he has led a broad and integrated portfolio comprising client coverage, structured investments, commercial banking, legal, product development, client insights, and distribution channels. 

The bank said he has been instrumental in strengthening operational discipline, enhancing execution capability, and advancing the company’s enterprise-wide growth strategy.

“He brings more than 16 years of senior executive experience across banking and financial services, reflecting a strong combination of strategic leadership, operational execution, and rigorous investment management,” Land Bank said. 

Before joining Land Bank, Mphambo held senior positions at Standard Bank Corporate and Investment Banking, Absa, and Nutun.

“His investment experience includes extensive leadership in corporate finance, mergers and acquisitions, and distressed credit investment mandates,” Land Bank said. 

“His sector exposure spans banking, agriculture, mining, payments, building materials, advertising, and diversified financial services.”

Mphambo is also a Chartered Accountant and CFA charter holder, holding a Master of Business Administration from the Gordon Institute of Business Science, as well as a Bachelor of Business Science (Finance) and a Postgraduate Diploma in Accounting from the University of Cape Town. 

In 2019, he was recognised as a finalist in the Top 35 CA(SA) Under 35 awards. 

“The board expresses its confidence in Mr Mphambo’s leadership and remains committed to ensuring stability, continuity, and sustained progress at Land Bank,” the company said.