Standard Bank South Africa CEO resigns

Standard Bank South Africa CEO and deputy group CEO Kenny Fihla has tendered his resignation after 18 years with the Standard Bank Group.

He is taking up the role of CEO and executive director of Absa Group and Absa Bank, effective 17 June 2025, subject to regulatory approval.

In a statement, Standard Bank said Fihle is on gardening leave as of Monday, 17 March 2025, meaning he has been instructed to stay away from work during his notice period.

“Whilst this is a heavy blow for us, the Group is blessed with a surfeit of talent and deep succession pools,” said Standard Bank.

It said it would make further announcements regarding leadership changes in due course.

Fihla joined the group as an executive in the Financial Asset Services business of Corporate & Investment Banking (CIB).

He held various roles in CIB, including head of transactional products and services, head of client coverage, and deputy chief executive, before being appointed its chief executive in 2017.

“Kenny has made an immense contribution to our group in his various roles over the course of his career with us and is recognised as an accomplished banker and leader in South Africa, on the continent, and globally,” said Standard Bank.

“Under his guardianship as chief executive from 2017 to 2024, CIB doubled its headline earnings to R20.5bn and achieved a compound annual growth rate of 8.6%.”

“We are fortunate to have been able to draw on his unique combination of experience and wisdom in business, government, and the labour movement,” it added.

Absa has published an announcement that it has appointed Fihla as the CEO of Abso Group and executive director of Absa Bank, effective 17 June 2025.

“Kenny is a recognised leader with substantial Pan-African banking experience and a proven track record,” said Absa.

“He has almost 20 years of experience in leadership roles in banking.”

It added that Fihla holds an MSc in Financial Economics from the University of London and an MBA from the University of the Witwatersrand.

Absa informed shareholders that Charles Russon will remain interim CEO of Absa Group and Absa Bank until 16 June 2025.

“Charles will partner closely with Kenny to ensure a smooth leadership transition, whereafter he will take a senior role within the group executive committee,” it added.