In a sudden shock announcement last night, Kenny Fihla, Standard Bank’s Deputy Chief Executive and Chief Executive of SBSA, has resigned to take up a post of CEO at competitor ABSA bank.
According to a statement released by Standard Bank’s Group CEO, Sim Tshabalala this morning, Fihla, tendered his resignation last night and that he would be placed on “garden leave” as of today.
Tshabalala said that “Whilst this is a heavy blow for us, the Group is blessed with a surfeit of talent and deep succession pools” and indicated that further announcements in respect of the leadership of Standard Bank geographies would be made in due course.
Long Distinguished Career with Standard Bank
Kenny Fihla, joined the Standard Bank Group two decades ago in 2006 as an executive in the Financial Asset Services business of Corporate & Investment Banking (CIB). He has subsequently held a variety of roles in CIB including Head of Transactional Products & Services, Head of Client Coverage and Deputy Chief Executive, before being appointed as its Chief Executive in June 2017.
Fihla who has an MSc in financial economics from the University of London and an MBA from Wits University, will be joining ABSA as their new CEO in place of Arrie Rautenbach, who has stepped down from the position to take up early retirement. The interim CEO at ABSA, Charles Russon will stay on until June 2025 when Fihla
Tshabalala said that “Kenny has made an immense contribution to our Group in his various roles over the course of his career with us and is recognised as an accomplished banker and leader in South Africa, on the continent and globally”, and wished him well on his future career growth.
