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6 March 2008
Simpiwe (Sim) Tshabalala (40), currently Chief Executive of Personal and Business Banking (PBB) in South Africa, has been appointed Chief Executive of The Standard Bank of South Africa Limited (SBSA), while Kennedy Bungane (33), currently Director and Head of Institutional and Corporate Banking, has been appointed Deputy Chief Executive of Corporate and Investment Banking (CIB) in SBSA.
These are part of several senior executive management changes aimed at positioning Standard Bank as a world-class financial services organisation specialising in emerging markets.
Says Jacko Maree, Standard Bank Group Chief Executive: "Last year was a momentous one for Standard Bank. We expanded our international operations significantly in Argentina, Nigeria and Turkey, while at the same time strengthening our position in South Africa. The recently completed ICBC transaction brings new opportunities, especially on the African continent and in China. It is therefore logical to spread the growing and increasing management responsibilities amongst our well established senior executive team."
Ben Kruger (48), currently Chief Executive of Global CIB and Peter Wharton Hood (42), currently Chief Executive of Global PBB, will be appointed as Chief Operating Officers (COO) of the Standard Bank group. Rob Leith (45) will succeed Ben Kruger as Chief Executive of Global CIB. He will remain based in London.
"While Ben and Peter will initially retain their focus on CIB and PBB matters respectively, the intention over time is that they will also perform cross cutting group roles. As an example, Ben is overseeing our bank in Nigeria while Peter is responsible for Argentina, both businesses being universal banks with a mixture of CIB and PBB activities. Ben and Peter will also share some of my current workload," says Maree.
Maree, who is currently Chief Executive of both the group and SBSA, says this has become less sustainable as the group has expanded in recent times. "South Africa produces the bulk of our earnings, and we will not reduce our focus on our home market as we grow internationally."
Tshabalala will assume the position of Chief Executive of SBSA in June when he returns from an executive programme at Harvard University, which had been planned some years ago. He will also join the board of SBSA.
Tshabalala joined the then Standard Corporate and Merchant Bank in September 2000 as Director, Structured Finance and was appointed to the Group Executive Committee (Exco) in 2001. He became Managing Director of Stanbic Africa in October 2001 and was appointed Deputy Managing Director of Personal and Business Banking in November 2003. In August 2006, Tshabalala was promoted to Chief Executive, Personal and Business Banking, South Africa.
Says Tshabalala: "It is sobering to contemplate that Standard Bank has dutifully delivered to its stakeholders consistently for 146 years. Today, it is striving for better things by transforming and facilitating transformation so as to give back to people their economic agency and dignity. Its leaders are alive to the imperative need to do what is necessary in a fiercely competitive industry here in South Africa, especially in more challenging economic times. There is a lot to be done and the challenges are at once terrifying and exhilarating."
Tshabalala will be succeeded in his PBB role by his current deputy, Peter Schlebusch (41). David Munro (37), the Chief Executive of CIB in SBSA will report to Tshabalala, as will Peter Schlebusch and certain other South African functional heads.
Craig Bond (46), currently Chief Executive of Standard Bank Africa, will be relocating to Beijing in mid 2008. He will be responsible for all business links between Standard Bank and ICBC in China, especially as these relate to Africa, and will build an appropriate in-country Standard Bank team. His appointment will complement Standard Bank's well established commodity and resource banking office in Shanghai.
Bond's successor has been identified and will be announced soon.
"All these are significant appointments, which I believe will better position Standard Bank to capitalise on business and growth opportunities, both locally and internationally," says Maree.
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