Retirement date set for CEO of South Africa’s biggest bank

Standard Bank CEO Sim Tshabalala and Group Chief Finance and Value Management Officer Arno Daehnke will retire by the end of 2027, even as the lender increased the retirement age for its executives. 

While Africa’s biggest bank by assets raised the retirement age for its executives to 63 from 60, the lender said in an emailed statement on Thursday that that won’t apply to Tshabalala and Daehnke. 

Tshabalala was appointed to his role in 2013, while Daehnke was appointed in 2016.

“While we have extended the retirement age for future executives aligned to local and international trends that reflect longer and more productive working lives, it is important to maintain clarity and certainty in our current leadership transition plans,” Standard Bank Group Chairperson Nonkululeko Nyembezi said.

“This approach ensures we honour those plans while preparing the next generation of leaders.”