Kenny Fihla, deputy chief executive of the Standard Bank Group and chief executive of Standard Bank SA, has resigned and will proceed on garden leave as of 17 March.
In a statement released by the group today, CEO Sim Tshabalala confirmed the resignation and said while it is a heavy blow to the group, it has “a surfeit of talent and deep succession pools”.
The Absa Group also issued a statement that announced Fihla’s appointment as group CEO, effective 17 June 2025 and subject to regulatory approval. The group added that Fihla will succeed interim GCEO Charles Russon.
Absa board chairman, Sello Moloko, said: “Kenny is a recognised leader with substantial pan-African banking experience, has relationships across the banking and financial ecosystem and a proven track record to drive results in complex environments. The board is confident that his leadership will further enhance Absa’s positive momentum and our ability to deliver meaningful value to our clients and stakeholders.”
CIB growth
Fihla joined Standard Bank in 2006 as an executive in the Financial Asset Services business of Corporate and Investment Banking (CIB).
He held a variety of roles in CIB, including head of transactional products and services, head of client coverage and deputy chief executive, before being appointed as its chief executive in June 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. Under his guardianship as chief executive from 2017 to 2024, CIB doubled its headline earnings to R20.5 billion and achieved a compound annual growth rate of 8.6%,” said Tshabalala.
“We are fortunate to have been able to draw on his unique combination of experience and wisdom in business, government and the labour movement. We wish Kenny continued success on his onward journey,” he added.
Tshabalala said further announcements regarding leadership of the group’s geographies would be made in due course.
Fihla said of his appointment at Absa: “I am honoured to join and lead a team dedicated to making a positive impact across the continent. I look forward to working with Absa’s talented teams to build on the group’s foundation. Together, we will drive forward-thinking strategies that meet our clients’ needs, empower our communities and ensure long-term growth and success for the group.”
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