Standard Bank Group (JO:SBKJ) (SBG) is pleased to announce executive appointments to simplify and strengthen its management structures, improve its short- and medium-term competitiveness, and continue its strong growth momentum. These appointments are effective from 1 September 2024.
With these appointments, their executive team will be able to continue building their networks and knowledge while concentrating more intently on their responsibilities. The process of making sure SBG has the quantity and caliber of executives necessary to sustain and grow the company’s performance in the future will also be aided by these adjustments.
Having received the approval of the board of the Standard Bank Group, with the approval of the Prudential (LON:PRU) Authority, and having completed all the relevant governance requirements, Kenny Fihla is appointed as Deputy Chief Executive of the Group and Chief Executive of The Standard Bank of South Africa Limited (SBSA). “It is my great pleasure to pass the baton at CIB to Luvuyo Masinda. Luvuyo is an exceptionally talented and accomplished executive. I am sure that he will lead CIB to new heights.”
As Deputy Chief Executive of the Group, Kenny will assume responsibility both for SBSA and for the Group’s Africa Regions and offshore businesses. Kenny will continue to report to the group’s chief executive, Sim Tshabalala.
Luvuyo Masinda is named Chief Executive of Corporate and Investment Banking (CIB) to succeed Kenny Fihla, with the backing of the board, the Prudential Authority’s permission, and the completion of the necessary governance procedures.
Sim Tshabalala, Standard Bank CE0 Group Chief Executive Sim Tshabalala will receive reports from Luvuyo. Prior to being named CIB’s Deputy Chief Executive in October 2023, Luvuyo worked for Standard Bank in the Finance department from 2007 to 2007. He also held positions as chief financial officer, chief risk officer, and head of client coverage for CIB.
He says, “Kenny Fihla is a most experienced and successful executive—a leader’s leader of immense effectiveness, having served the group in various senior executive roles over the past 18 years. I look forward to working even more closely in partnership with Kenny as we develop and execute the group’s strategy. I have no doubt that the group’s subsidiary network will continue to flourish and expand under Kenny’s leadership.
Lungisa Fuzile has been an outstandingly successful leader of SBSA and has remarkable wisdom and deep experience in leadership, management, finance, economics, public policy, and regulatory matters. Yinka Sanni has led Africa Regions and Offshore with distinction and has exceptionally deep banking, management, and leadership skills, combined with Africa-wide experience. I am delighted that we will continue to be able to draw on Lungisa’s and Yinka’s talents in their new capacities.”
The current SBSA CEO, Lungisa Fuzile, will now assume two positions. The first is Group Head: Public Policy and Regulation. In addition, he will take on the responsibilities of Regional Chief Executive for the Africa Regions portfolio’s Southern and Central regions of the Group.
Yinka Sanni, the current CEO of Standard Bank Africa Regions and Offshore, will assume the role of Group Executive, handling the group’s relationships with some of our most important clients and authorities. In addition to his responsibilities, Yinka will help Kenny Fihla improve the structure of African areas and offshore enterprises. Lungisa Fuzile and Yinka Sanni will report to Deputy Group CEO Kenny Fihla.
Chief Executive of Corporate and Investment Banking Luvuyo Masinda says, “I am honored to be appointed as Kenny’s successor. He has built the strongest and most successful corporate and investment banking business in Africa, and I am determined to extend his legacy.”
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