The bank also announced that deputy CEO Tauriq Keraan will replace outgoing CEO Sandile Shabalala.
TymeBank released a statement on Tuesday (25 June) announcing the appointment of a number of leading business figures as board members and the resignation of its CEO Sandile Shabalala (pictured).
The appointments include former Nedbank: group executive Thabani Jali; CEO Tom Boardman; and group executive for retail and business banking Philip Wessels.
Thabani has been appointed as TymeBank’s independent non-executive chairperson, Tom has been appointed as deputy chairperson and non-executive director, and Philip has been appointed as an independent non-executive director.
“As someone who strongly believes in good governance and building an inclusive economy, the TymeBank ethos of financial education and financial inclusion resonates with me. TymeBank management has demonstrated over a relatively short period of time that business success is possible while making more people part of the financial system. The board’s role is clear: we oversee the implementation of the agreed strategy within a context of sound corporate governance practices.”
The bank also announced that deputy CEO Tauriq Keraan will be managing the transition period alongside Sandile until a new CEO has been appointed.
In the statement, TymeBank said that Sandile was resigning for personal reasons, “the most important of which is to spend more time with his family”.
He has held the position of CEO for close to three years and led TymeBank through its development phases, as well as its public launch in February this year.
Regarding his resignation, Sandile said that for close to three years his leadership position at TymeBank has offered him and his team numerous exciting challenges, on which they have delivered successfully. In preparing the bank for its launch and launching it earlier this year, he said that “we can safely say we have done so with flying colours”.
“Taking into account the invaluable experience I gained at TymeBank and my vast years of banking experience I believe that now is the right time to take a break, spend time with my family, and thereafter figure out how do I make meaningful contributions to the wider world out there and further my passion of driving inclusion and upliftment of communities. I thank every member of the TymeBank family for their support throughout my journey thus far.”