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STANDARD BANK ANNOUNCES EXECUTIVE DIRECTOR ROLE CHANGES

Monday, October 02, 2017

by Standard Bank of South Africa

Johannesburg, 12 September 2017: Following a carefully planned management succession process Standard Bank Group announces changes to its current joint-group chief executive structure. The board is satisfied that the structure, which was necessary in 2013, has met and in many respects exceeded expectations. Accordingly, Ben Kruger steps down from the role of joint-group chief executive with immediate effect. He remains an executive director of the company, reporting to the group chief executive.

Sim Tshabalala continues in the role of group chief executive of Standard Bank Group and chief executive of The Standard Bank of South Africa Limited.

“The board expresses appreciation to both Ben and Sim, who have successfully led the process of refreshing the group’s strategy and managed complex challenges which faced the group in several jurisdictions, while delivering respectable returns to our shareholders. The resounding success of the joint-group chief executive structure is testament to the group’s culture and values which include working in teams, respecting each other and upholding the highest levels of integrity. Good momentum has been achieved in the implementation of the group’s refreshed strategy,” said Group Chairman Thulani Gcabashe.

The board appreciates Ben’s selfless leadership and is pleased that he remains part of the leadership team going forward.

Ben’s new role will include: Contributing to the governance of the group as a member of the group board; contributing to the leadership, management and governance of Africa Regions; guiding the continued digitisation of the group; deepening and broadening the group’s relationship with its strategic partner ICBC; helping with the management of the Group’s risks; and maintaining and building key client relationships.

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