Standard Bank has appointed Kenny Fihla as Deputy Chief Executive of the Standard Bank Group and Chief Executive of Standard Bank of South Africa Limited (SBSA), taking over from Lungisa Fuzile.
Fihla will take up the position on 1 September 2024, along with other new executive appointments at the group, moving from the Corporate and Investment Banking lead position.
As deputy CEO of the group, Fihla will assume responsibility both for SBSA and for the group’s Africa regions and offshore businesses. He will report to the group’s Chief Executive Officer, Sim Tshabalala.
“Fihla is a most experienced and successful executive – a leader’s leader of immense effectiveness, having served the Group in various senior executive roles over the past 18 years. I look forward to working even more closely in partnership with Kenny as we develop and execute the Group’s strategy,” Tshabalala said.
Luvuyo Masinda has been appointed as the Chief Executive of Corporate and Investment Banking (CIB), succeeding Fihla.
Lungisa Fuzile, the current Chief Executive of SBSA, will now take on two roles, the first being Group Head of public Policy and Regulation.
He will also assume the role of Regional Chief Executive of the Group’s Southern & Central Region of the Africa Regions portfolio.
Yinka Sanni, current Chief Executive of Standard Bank Africa Regions and Offshore, will take on the role of Group Executive, leading the Group’s relationships with clients and regulators.
“In addition to these duties, Yinka will support Kenny Fihla in refining the structure of the Africa Regions and Offshore businesses,” the bank said.
Fuzile and Sanni will report to Fihla.
The changes are outlined below:
| Executive | Previous | New Role |
|---|---|---|
| Kenny Fihla | CEO Corporate and Investment Banking | – Group Deputy CEO – CEO of Standard Bank SA |
| Luvuyo Masinda | Deputy CEO Corporate and Investment Banking | – CEO Corporate and Investment Banking |
| Yinka Sanni | CEO Standard Bank Africa Regions and Offshore | – Group Executive: Clients and Regulations |
| Lungisa Fuzile | CEO of Standard Bank SA | – Group Head of Public Policy and Regulation – Regional Group CEO Southern & Central Region of the Africa Regions |
“These appointments will enable our executive team to focus more precisely on their mandates and to continue to develop their expertise and their networks,” the bank said.
“These changes will also assist in the ongoing process of ensuring that SBG has the number and depth of executives it needs to maintain and extend SBG’s success into the future.”
The appointments were all made with the approval of the board of the Standard Bank Group, the Prudential Authority, and having completed all the relevant governance requirements, it said.
Standard Bank is just the latest—and last of the “big four”—to make significant changes to its leadership structures.
Jason Quinn has been appointed as the new CEO of Nedbank; Harry Kellan has taken over at FNB, and Charles Russon will take over as ABSA CEO on an interim basis next month.
Quinn took over from Mike Brown as Chief Executive on 31 May 2024. He was previously Absa’s financial director and interim CEO from April 2021 to March 2022.
Kellan took over as FNB CEO on 1 April 2024, from Jacques Celliers. He was previously the CFO of FNB’s parent group, FirstRand, for ten years.
Russon will become Interim CEO of Absa Group and Absa Bank on 15 October 2024, subject to regulatory approval. He will also set to become an executive director on the boards.
Russon is currently the Chief Executive of Absa’s Corporate and Investment Bank (CIB), having served since 2018. He has also been a member of the Group Executive Committee since 2014.
Read: Meet the new CEOs of Absa, FNB and Nedbank
