The search is on for the next CEO of Standard Bank Group after the Johannesburg-based bank announced that Sim Tshabalala will retire from the position at the end of 2027. Tshabalala, who has led Africa's largest lender by assets since 2013, will retire alongside chief financial officer CFO Arno Daehnke, whose tenure commenced in 2016, the bank said.
Although Standard Bank recently raised the retirement age for its executives to 63 years from 60, the duo are not subject to this new policy.
"While we have extended the retirement age for future executives aligned to local and international trends that reflect longer and more productive working lives, it is important to maintain clarity and certainty in our current leadership transition plans," the bank said in a statement.