NYEMBEZI APPOINTED AS THE CHAIRPERSON-DESIGNATE TO HEAD STANDARD BANK

STANDARD Bank yesterday named Nonkululeko Nyembezi as the chairperson-designate of the boards of Standard Bank Group and Standard Bank of South Africa Limited (SBSA). She will take the lead board role of Standard Bank, a firm valued at R264 billion. In its annual results for the year ended December 2021, the group reported a 57 percent increase in profits to R25bn as the economy recovered from Covid-19. Amid a push for more gender parity in South Africa’s boardrooms, Nyembezi’s appointment is significant. She takes over as chairperson of the group and SBSA boards, as well as chairperson of the Directors’ Affairs Committee, with effect from June 1. This follows the announcement on March 31 that Thulani Sikhulu Gcabashe would retire at the conclusion of the upcoming annual general meeting on May 31. Standard Bank said this appointment followed a robust successionplanning process that was ably led by the group’s lead independent director, adding that it had obtained the necessary Prudential Authority clearance for the appointment. Nyembezi was appointed to the boards of Standard Bank Group and SBSA in January 2020 as an independent non-executive director. Nyembezi’s previous roles include chairperson of Alexander Forbes, non-executive director of Old Mutual, chief executive of ArcelorMittal South Africa and non-executive director of Standard Bank Namibia. An MBA graduate from the Open University Business School, UK, Nyembezi also completed her MSc (Electrical Engineering) from the California Institute of Technology. “The boards congratulate Nonkululeko on her appointment,” Standard Bank said.