Executive shakeup at South Africa’s largest bank

Standard Bank has announced the appointment of Group CEO Sim Tshabalala as interim Chief Executive of The Standard Bank of South Africa, following the resignation of its former head, Kenny Fihla. 

Tshabalala’s appointment is with effect from 8 April and is still subject to regulatory approval. He will serve as both CEO of Standard Bank Group and the South African business. 

Lungisa Fuzile, the current Regional Chief Executive for the Group’s South and Central Region, has been appointed as Interim Chief Executive of African regions and Offshore. 

Lungisa will report to Sim Tshabalala and will join the Group Leadership Council (GLC).

“Lungisa and I will work together closely as we continue to develop and execute the Group’s strategy in relation to its footprint outside of South Africa,” Tshabalala said. 

“ We congratulate Lungisa as he takes on these expanded responsibilities and wish him success in his new role.”

These appointments will be until the bank’s board makes further announcements regarding executive succession planning after Fihla’s shock resignation on 16 March. 

Fihla has been appointed CEO of Absa, effective 17 June 2025. He is on garden leave until then. 

“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 on Monday, 17 March. 

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

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 leadership as Chief Executive from 2017 to 2024, Standard Bank’s CIB division doubled its headline earnings to R20.5 billion 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.

Fihla will be Absa’s seventh CEO in seven years, as the company has struggled with leadership instability for nearly a decade.