Today's Labour News

BL Premium reports that Standard Bank CEO Sim Tshabalala has described the abrupt resignation of his second-in-command Kenny Fihla, as a “heavy blow” for Africa’s largest bank by assets.

On Monday, the lender informed the market that Fihla had relinquished his role as deputy CEO in a surprise move that saw him opt to join smaller rival Absa as its new CEO in June. “While this is a heavy blow for us, the group is blessed with a surfeit of talent and deep succession pools. Further announcements in respect of the leadership of our geographies will be made in due course,” Tshabalala said in a statement, which indicated Fihla tendered his resignation on Sunday night. Fihla was largely seen as a possible successor to Tshabalala after he was granted more powers at the group in sweeping executive changes in September – which essentially put a large chunk of the bank’s operations under his guidance and earned him a place on the board. His elevation to the role of deputy CEO saw him assume responsibility for both Standard Bank SA and the group’s Africa regions. It remains to be seen whether Standard Bank will retain the deputy CEO role – reinstated last year after a decade. Fihla becomes the seventh Absa CEO, either on an acting or permanent basis, since 2019 following years of leadership turmoil at the bank. Fihla’s appointment as Absa’s CEO means that for the first time, three of SA’s largest banks, namely Standard Bank, FirstRand and Absa, will be led simultaneously by black CEOs.

• Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
• Read too, Absa's CEO scoop a win, say analysts - but where does this leave Standard Bank? at Fin24 (subscription or trial registration required)

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