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BL Premium reports that African Bank CEO Basani Maluleke’s sudden resignation on Monday was primarily due to a clash of personalities with African Bank chair Thabo Dloti.
In the wake of the announcement that caught the market by surprise, it emerged that Maluleke’s resignation was the direct consequence of her “difficult” working relationship with Dloti. According to people familiar with developments, the working relationship became intolerable over a period of time for the CEO, and this ultimately forced her hand. Maluleke’s departure was therefore not sudden nor surprising, according to insiders. It prematurely ended the tenure of the first black woman to lead a commercial bank in SA. Maluleke’s appointment as CEO in April 2018 predated by almost a year the appointment of Dloti in March 2019 to chair the board. Dloti appeared to be playing his cards close to his chest on Monday by indicating surprise at the sudden departure. Maluleke declined to comment beyond Monday’s statement from the bank, saying she was leaving to pursue other career opportunities. As part of its contingency plan, the bank has appointed CFO Gustav Raubenheimer as interim CEO as it begins a process to find a new leader. The bank says Maluleke will remain in the job until the end of April to ensure an orderly handover.
- Read the full original of the report in the above regard by Warren Thompson at BusinessLive (paywall access only)
- Read too, Something amiss in Maluleke’s exit from African Bank (editorial), at BusinessLive
Get other news reports at the SA Labour News home page