Rhodes University congratulates Simphiwe Tshabalala, an alumnus of the University, on his appointment as the first black Standard Bank sole Chief Executive Officer (CEO).
Standard Bank, Africa’s largest bank by assets, has appointed Mr Tshabalala after four years of sharing the role with Ben Kruger as joint chief executives.
South Africa’s financial sector, the economy’s largest, is often criticised for lack of transformation and remains dominated by white executives 23 years after the end of apartheid.
“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,” Standard Bank said in a statement.
Kruger will stay on as an executive director of the company, and will report to Tshabalala as new group chief executive, Standard Bank said.
Tshabalala has a Bachelor of Arts and Bachelor of Law degrees from Rhodes University, obtained in 1988 and 1990 respectively. He also has a Higher Diploma in Tax Law from Wits and Master of Laws from the United States of America.
In 2006, the Old Rhodian award, a coveted institutional honour bestowed on Rhodian achievers, was conferred on Mr Tshabalala for outstanding performance in the finance sector.
When he joined Standard Bank in 2000, he was the head of structured finance in the corporate and merchant banking division until taking on the top job in the Africa division. His variety of positions at Standard – from structured finance to retail – suited the career progression for the top.
“We are extremely proud of Mr Tshabalala’s achievements. As institutions of higher learning we have a duty to prepare graduates who can add value and contribute meaningfully to the transformation of our great country. Mr Tshabalala epitomises this objective,” said Dr Sizwe Mabizela, Rhodes Vice Chancellor.