Sandile Shabalala has resigned as TymeBank’s CEO, citing personal reasons.
In a statement, African Rainbow Capital (ARC) says Shabalala “tendered his resignation for personal reasons, the most important of which is to spend more time with his family”.
TymeBank is one of SA's new digital banks shaking up the traditional banking system. Business mogul Patrice Motsepe's ARC is the majority shareholder, with a 73% interest. Other shareholders include the founders and employees of the bank.
The bank soft launched with one kiosk in November 2018, and officially launched to the public with just over 500 kiosks at the end of February 2019.
According to the statement, the TymeBank board will announce the appointment of a new CEO in due course, subject to feedback from the Prudential Authority at the SA Reserve Bank. “Mr Shabalala will serve his notice period. Mr Tauriq Keraan, deputy CEO of TymeBank, will manage the transition period alongside Mr Shabalala until a new CEO has been appointed.
“Mr Shabalala held the position of CEO for close to three years. He led TymeBank through its development phases and its public launch in February this year. Since launch, the bank has acquired more than 400 000 customers and is well on its way to acquiring 500 000 by July this year.”
TymeBank also announced the appointment of new board members, including former KwaZulu-Natal High Court deputy judge president and banking executive, Thabani Jali, as its independent non-executive chairperson of the board of directors.
TymeBank has named Tom Boardman, former CEO of Nedbank, as deputy chairperson and non-executive director. Philip Wessels, ex-chief risk officer and group executive for retail and business banking at Nedbank, has been appointed as an independent non-executive director.
The board's acting chairperson, Coenraad Jonker, will remain as a non-executive director, says the digital bank.
Commenting on the board changes, ARC chairperson Motsepe says: “We welcome the appointment of the new board members. They are all highly respected for their roles in championing good corporate governance practices. As the controlling shareholder of the bank, we look forward to Mr Jali’s leadership and contribution as chairperson.
“We thank Mr Sandile Shabalala for his contribution as CEO for close to three years and for leading the team thus far. We also wish him well with his future plans.”
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