Standard Bank appoints first black CEO


Standard Bank has appointed its first black chief executive officer, Sim Tshabalala, the bank announced on Tuesday.

Tshabalala takes over as sole CEO as Ben Kruger steps down with immediate effect from the role the two shared.

In a statement released by the bank on Tuesday, it said that the joint CEO leadership structure was necessary when it was implemented in 2013, but has since met expections.

Banks in South Africa have come under heavy criticism from President Jacob Zuma for doing too little to improve black participation in their businesses since the advent of democracy in 1994. According to Fin24, Nedbank's board is the only one in the last ten years to not regress on racial diversity.

Shares in Standard Bank experienced a boost on the news, rising 0.6 per cent during the morning's trading.

The 49-year-old Tshabalala becomes the first black person to captain one of South Africa's biggest banks since FirstRand's CEO Sizwe Nxasana retired in 2015.