Big executive shakeup at South Africa’s largest bank

Standard Bank Group Deputy CEO and head of its South African business, Kenny Fihla, has resigned from his position with immediate effect. 

This was announced by CEO Sim Tshabalala in a statement early on Monday, 17 March. Fihla will proceed with garden leave today.

“After 18 years of service to the Standard Bank Group, Kenny Fihla, the Group’s Deputy Chief Executive and Chief Executive of SBSA, tendered his resignation last night,” Tshabalala said. 

“Whilst this is a heavy blow for us, the Group is blessed with a surfeit of talent and deep succession pools.”

Tshabalala said further announcements regarding the leadership of our geographies will be made in due course.         

Fihla joined Standard Bank in 2006 as an executive in the Financial Asset Services business of Corporate & Investment Banking (CIB). 

He grew within the business and took up roles including Head of Transactional Products & Services, Head of Client Coverage and Deputy Chief Executive before being appointed as its Chief Executive in June 2017. 

Under his guardianship as Chief Executive from 2017 to 2024, Standard Bank’s CIB division doubled its headline earnings to R20.5bn and achieved a compound annual growth rate of 8.6%.

“Kenny has made an immense contribution to our group in various roles over the course of his career with us,” Tshabalala said. 

“He is recognised as an accomplished banker and leader in South Africa, on the continent and globally.” 

“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.”

Fihla’s resignation comes as a surprise, considering he was only appointed as deputy CEO to Tshabalala in September 2024. 

At the same time, he took on the role of Standard Bank South Africa CEO, often seen as the springboard for the top job at the banking group. 

Fihla’s appointment as deputy CEO also came with enhanced responsibility at a group level as Standard Bank sought to simplify its management structures. 

Absa informed shareholders on Monday, 17 March, that, following an extensive selection process, Fihla has been appointed as CEO and executive director of Absa Group and Absa Bank, effective 17 June 2025.