Rhodes alum­nus steps up as sole Stan­dard Bank CEO

Grocott's Mail - - ECONOMIX - STAFF REPORTER

Rhodes Univer­sity alum­nus Sim­phiwe ‘Sim’ Tsha­bal­ala has been ap­pointed Stan­dard Bank’s sole Chief Ex­ec­u­tive Of­fi­cer (CEO). Stan­dard Bank, Africa’s largest bank by as­sets, ap­pointed Tsha­bal­ala af­ter he shared the role for four years with Ben Kruger as joint CEO.

South Africa’s fi­nan­cial sec­tor, the econ­omy’s largest, is of­ten crit­i­cised for lack of trans­for­ma­tion and re­mains dom­i­nated by white ex­ec­u­tives 23 years af­ter the end of apartheid. Tsha­bal­ala is the first Stan­dard Bank black CEO.

“The board is sat­is­fied that the struc­ture, which was nec­es­sary in 2013, has met and in many re­spects ex­ceeded ex­pec­ta­tions. Ac­cord­ingly, Ben Kruger steps down from the role of joint­group chief ex­ec­u­tive with im­me­di­ate ef­fect,” Stan­dard Bank said in a state­ment.

Kruger will stay on as an ex­ec­u­tive di­rec­tor of the com­pany, and will re­port to Tsha­bal­ala as new group chief ex­ec­u­tive, Stan­dard Bank said.

Tsha­bal­ala has Bach­e­lor of Arts and Bach­e­lor of Law de­grees from Rhodes Univer­sity, ob­tained in 1988 and 1990 re­spec­tively. He also has a Higher Diploma in Tax Law from Wits and a Master of Laws from the US.

In 2006, the pres­ti­gious Old Rho­dian award was con­ferred on Tsha­bal­ala for out­stand­ing per­for­mance in the fi­nance sec­tor.

When he joined Stan­dard Bank in 2000, Tsha­bal­ala was the head of struc­tured fi­nance in the cor­po­rate and mer­chant bank­ing di­vi­sion un­til tak­ing on the top job in the Africa di­vi­sion.

His va­ri­ety of po­si­tions at Stan­dard Bank – from struc­tured fi­nance to re­tail – suited his ca­reer pro­gres­sion for the top.

“We are ex­tremely proud of Tsha­bal­ala’s achieve­ments. As in­sti­tu­tions of higher learn­ing we have a duty to pre­pare grad­u­ates who can add value and con­trib­ute mean­ing­fully to the trans­for­ma­tion of our great coun­try,” Rhodes Univer­sity Vice Chan­cel­lor Dr Sizwe Mabizela said. “Mr Tsha­bal­ala epit­o­mises this ob­jec­tive.”

Sim­phiwe 'Sim' Tsha­bal­ala

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