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News24 reports that Absa has named former Standard Bank deputy CEO Kenny Fihla as its new chief executive after he suddenly resigned from his former employer on Sunday night.
The two rival banks made early morning statements on Monday announcing the executive changes, with Absa saying Fihla's appointment as CEO is effective from 17 June 2025, subject to regulatory approval. Absa added that its current interim CEO Charles Russon, who will stay on in that role until Fihla takes over, will work closely with its new leader to ensure a smooth transition, after which he will take a key senior role within the group executive committee. Absa has been looking for a new permanent CEO since Arrie Rautenbach took early retirement, with effect from October 2024, amid an internal storm over the slow pace of transformation. Standard Bank said separately that Fihla had tendered his resignation on Sunday night and would commence his ‘gardening leave’ as of Monday. Fihla, who holds a master's in financial economics from the University of London and an MBA from the University of the Witwatersrand, had been tipped as the future successor to Standard Bank's current CEO Sim Tshabalala. Fihla, who was also CEO of Standard Bank’s South African operations, was named deputy group CEO in an executive shakeup announced in August 2024. "The necessary succession planning measures will be announced in due course," Standard Bank said.
- Read the full original of the report in the above regard by Garth Theunissen at Fin24 (subscription or trial registration required)
- Lees ook, Fihla verruil Standard Bank vir Absa, by Maroela Media
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