Standard Bank announces retirement of CEO Sim Tshabalala and CFO Arno Daehnke by 2027
Speaking during a virtual presentation, on Friday, Standard Bank CE, Sim Tshabalala, said the bank aimed to drive sustainable growth by leveraging its competitive advantage, brand strength, infrastructure and client base. File photo: Simphiwe Mbokazi, ANA.
Image: . File photo: Simphiwe Mbokazi /Independent Newspapers
Standard Bank, has confirmed that long-serving Group Chief Executive Officer Sim Tshabalala will retire at the end of 2027.
The bank has also confirmed that Arno Daehnke, the Group Chief Finance and Value Management Officer, will step down at the same time. This is despite the bank having announced earlier this year that starting January 1, 2026, the retirement age for its executives will increase from 60 to 63 years.
Bank Group Chair, Nonkululeko Nyembezi, said the decision to proceed with the planned retirements is intended to preserve leadership continuity and honour existing succession plans.
“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 chair Nonkululeko Nyembezi said, according to Bloomberg.
“This approach ensures we honour those plans while preparing the next generation of leaders.”
Tshabalala was appointed Group CEO in 2013, becoming one of the first Black chief executives of a major South African bank, while Daehnke has served as CFO since 2016.
In an interview with Business Report, Tshabalala explained that their planned retirements form part of a long-term, structured succession strategy.
“It was always the plan to retire at 60. We are both still energetic, and I’m sure we will continue making meaningful contributions even after retirement,” he said.
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