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Standard Bank has a black CEO

Africa’s largest bank Standard Bank has the first black CEO, Sim Tshabalala. The bank recently ended the system of dual CEOs when Ben Kruger, co-CEO stepped down and appointed Tshabalala as the sole CEO. The bank said Kruger will continue as an ED, reporting to Tshabalala. The joint leadership structure was necessary as part of the bank’s management succession plan when it was introduced in 2013. Tshabalala becomes the only black person to lead one of South Africa’s biggest banks since Sizwe Nxasana retired as the head of FirstRand Bank in March 2015.

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