“Joint CEO arrangements are never in the best interest of companies, as they demonstrate a lack of succession planning, an overburdening of the payroll with excessive executive pay, and they lack accountability, as two people are responsible for a single
− The Black Management Forum (BMF) responded on 12 September to the announcement that Sim Tshabalala had been named Standard Bank’s sole CEO after sharing the position with Ben Kruger since 2013. Kruger remains an executive director of the company, reporting to Tshabalala. The BMF lauded the decision, stating that it demonstrates the bank’s seriousness about succession planning and respect for black talent and leadership. Standard Bank defended the joint leadership structure, saying that it had “met and in many respects exceeded expectations”.