SABC News - Standard Bank appoints Sim Tshabalala as CEO :Wednesday 13 September 2017

Standard Bank appoints Sim Tshabalala as CEO

Wednesday 13 September 2017 10:18

SABC

Standard Bank's Sim Tshabalala says Ben Kruger will continue to help with strategy.

Standard Bank's Sim Tshabalala says Ben Kruger will continue to help with strategy.(SABC)

On Tuesday, Standard Bank Group limited announced that former co-CEO Ben Kruger had resigned with immediate effect but will remain Executive Director and report to new sole CEO, Sim Tshabalala.

Analysis says the Bank's share price has grown by 22% since the co-CEO arrangement came into effect in 2013.

Speaking on Morning Live Tshabalala says Kruger will continue helping him with the strategy they have been executing.

He says five years ago the company was facing a number of challenges, and it was decided that its best to have two "co-pilots" who will improve the company's performance.

"Now that the company is more stable it seemed the right time to have one CEO."

Tshabalala also touched on the issue of affirmative action saying it is necessary and important. "If well executed it will be for the benefit of South Africans and will improve SA's prosperity," says Tshabalala.

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