Standard Bank Group has appointed Kenny Fihla as Deputy Chief Executive and Chief Executive of The Standard Bank of South Africa, positioning him as the likely successor to current CEO Sim Tshabalala. With 18 years at the bank, Fihla will oversee SBSA and the Group’s Africa Regions and Offshore businesses, as part of a broader leadership restructure aimed at enhancing SBG’s competitiveness.
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By BizNews Reporter
In a move signalling the future leadership direction of Africa’s largest financial services provider, Standard Bank Group (SBG) today announced the appointment of Kenny Fihla (54) as Deputy Chief Executive of the Group and Chief Executive of The Standard Bank of South Africa Limited (SBSA). This strategic appointment positions Fihla as the likely successor to current Group Chief Executive, Sim Tshabalala (56), marking him as the heir apparent within the bank’s leadership hierarchy. Tshabalala has been CEO since 2013.
Fihla’s new role, effective Sunday (1 Sept), comes at a critical juncture for the group. With assets totalling R3.1 trillion and operations spanning 20 African countries, 4 global financial centres, and 2 offshore hubs, SBG has struggled in a sluggish local economy. In the past decade income has risen at an average of 7% per annum and earnings by a modest 10% annually.
Fihla has been with Standard Bank for 18 years. He will oversee both SBSA and the Group’s Africa Regions and Offshore businesses, further solidifying his position as a key figure in the bank’s future. His appointment, which has received the necessary approvals from the Prudential Authority and the SBG Board, is widely seen as a precursor to his eventual ascension to the Group’s top job.
Sim Tshabalala is fulsome in his praise: “Kenny Fihla is an immensely effective leader, with a proven track record in senior executive roles over the past 18 years. I look forward to working even more closely with Kenny as we develop and execute the Group’s strategy. I have no doubt that the Group’s subsidiary network will continue to flourish and expand under his leadership.”
Fihla’s appointment is part of a broader restructuring of SBG’s executive tea. As part of this reshuffle, Luvuyo Masinda will take over from Fihla as Chief Executive of Corporate and Investment Banking (CIB). Masinda has been with Standard Bank since 2007 and has held key roles within CIB, including Chief Financial Officer and Chief Risk Officer.
Meanwhile, Lungisa Fuzile, currently SBSA’s CEO, will transition into dual roles as Group Head of Public Policy and Regulation and Regional Chief Executive for the Group’s Southern & Central Region within the Africa Regions portfolio. Lungisa was previously Director General at National Treasury, a position he held for the last six years of a two-decade career in the public sector. He joined the bank as SBSA CEO in 2018.
Yinka Sanni, who has been leading Standard Bank’s Africa Regions and Offshore operations, will take on the role of Group Executive, overseeing relationships with top clients and regulators while assisting Fihla in refining the structure of the Africa Regions and Offshore businesses.
Standard Bank says these changes are designed to streamline SBG’s leadership structure, ensuring that senior executives are positioned in areas of highest potential growth and influence. The reorganization, it says, is also expected to bolster SBG’s competitiveness in the short to medium term.
A series of strategic successes have marked Fihla’s rise within Standard Bank, and his appointment as Deputy Chief Executive is widely viewed as the next step in his preparation to lead the Group. As the heir apparent, Fihla’s ascent is closely watched by industry observers, who see his appointment as a clear indicator of SBG’s strategic direction in the years to come.
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