Standard Bank, Africa’s largest bank by assets, has appointed Sim Tshabalala as its first black chief executive after four years of sharing the role, the company said on Tuesday.
South Africa’s financial sector, the economy’s largest, is often criticised by politicians for a perceived lack of transformation and remains dominated by white executives 23 years after the end of apartheid.
Standard Bank in 2013 appointed Tshabalala and Ben Kruger as joint chief executives after long-time boss Jacko Maree stepped down.
“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,” the firm 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.