Standard Bank has announced that Lungisa Fuzile will be its new CEO as of 15 January 2018
Fuzile, former director-general of the National Treasury, will replace Sim Tshabalala, who took over as sole CEO at the bank fairly recently – September 2017. Tshabalala will become group chief executive instead. Prior to holding the sole CEO role, Tshabalala shared the executive post with Ben Kruger, and had done so since 2008. According to the bank, Fuzile will be accountable to the board of Standard Bank South Africa, with a matrix reporting line to Tshabalala.
In a note to shareholders, Standard Bank said that the appointment comes amid recent changes to the group’s executive structure, which led to the disbanding of the joint group chief executive construct.
Fuzile enjoyed a 20-year career in public service that culminated in his role as director-general at the National Treasury from May 2011 to May 2017. He left after his boss, Pravin Gordhan, was replaced by Malusi Gigaba during President Zuma’s “midnight cabinet reshuffle” earlier this year.
