Sim Tshabalala sole Standard Bank CEO

Sim Tshabalala (pictured) has been appointed the sole CEO of Standard Bank Group, bringing to an end the dual role he shared with Ben Kruger. The appointment also makes Tshabalala the first black person to lead Africa’s largest lender independently.

Standard Bank said in a statement that 58-year-old Kruger will step down as joint-CEO immediately, continuing as an executive director and reporting to 49-year-old Tshabalala. According to Standard Bank, the joint leadership structure came about as part of its management succession plan when it was introduced in March 2013.

The lender has said that Kruger, in his new role, will contribute towards the governance of the group and the African region, provide guidance over the continued digitisation of the group, and deepen Standard Bank's relationship with its strategic partner and 20-percent shareholder, Industrial & Commercial Bank of China Ltd.