Standard Bank has initiated a significant leadership reshuffle, appointing Kenny Fihla as the new Deputy Chief Executive of Standard Bank Group and Chief Executive of Standard Bank of South Africa Limited (SBSA). Fihla, who previously led the Corporate and Investment Banking division, will officially assume his new roles on 1 September 2024, succeeding Lungisa Fuzile.
In his capacity as Deputy CEO, Fihla will oversee SBSA as well as the group’s Africa regions and offshore businesses, reporting directly to Sim Tshabalala, the Group’s Chief Executive Officer. Tshabalala praised Fihla as an effective and seasoned leader with nearly two decades of executive experience within the group.
Luvuyo Masinda, who has been serving as the Deputy CEO of Corporate and Investment Banking (CIB), will step into Fihla’s former role as CEO of CIB.
Lungisa Fuzile, the outgoing Chief Executive of SBSA, will transition to two new positions: Group Head of Public Policy and Regulation, and Regional Chief Executive of the Group’s Southern & Central Region within the Africa Regions portfolio.
Yinka Sanni, currently the CEO of Standard Bank Africa Regions and Offshore, will take on the role of Group Executive, where he will manage the Group’s relationships with clients and regulators. Sanni will also assist Fihla in refining the structure of the Africa Regions and Offshore businesses.
The bank emphasized that these appointments will enhance the executive team’s ability to focus on their specific mandates, continue developing their expertise, and strengthen their networks. All appointments have been approved by the Standard Bank Group’s board, the Prudential Authority, and have met all governance requirements.
This reshuffling at Standard Bank comes as the last of South Africa’s “big four” banks to undergo major leadership changes. Earlier this year, Jason Quinn was appointed CEO of Nedbank, Harry Kellan took over as CEO of FNB, and Charles Russon will assume the role of interim CEO of ABSA next month.
Quinn, who previously served as Absa’s financial director and interim CEO, succeeded Mike Brown as Nedbank’s Chief Executive on 31 May 2024. Kellan, the former CFO of FNB’s parent company, FirstRand, replaced Jacques Celliers as FNB’s CEO on 1 April 2024. Meanwhile, Russon, who has been Chief Executive of Absa’s Corporate and Investment Bank since 2018, will become interim CEO of Absa Group and Absa Bank on 15 October 2024, pending regulatory approval.
