Absa has made a significant move in the banking sector by appointing Kenny Fihla, the current CEO of Standard Bank South Africa, as its new group CEO. This announcement was made on Monday, with Fihla set to officially take over the role in mid-June.
Kenny Fihla brings a wealth of experience and academic credentials to his new position, holding a Master of Science in Financial Economics from the University of London and an MBA from Wits University. He joined Standard Bank in 2006 and has since held several senior leadership positions within the organization. His notable roles include serving as the CEO of Corporate and Investment Banking (CIB), Deputy CEO of Standard Bank Group—where he oversaw operations outside of South Africa—and most recently, as CEO of Standard Bank South Africa.
In preparation for this transition, Interim Absa CEO Charles Russon will remain in his position until June 16, the date when Fihla officially assumes his new role. Absa has stated that Russon will work closely with Fihla to ensure a seamless leadership transition. Following this period, Russon is expected to take on a significant senior role within the group executive committee.
As part of the transition, Fihla will begin “gardening leave” from Standard Bank immediately, allowing him to prepare for his new responsibilities at Absa.
Standard Bank Group CEO Sim Tshabalala acknowledged the impact of Fihla’s departure, describing it as a “heavy blow” for the organization. However, he expressed confidence in the bank’s strong talent pool and succession planning, indicating that further announcements regarding leadership in various regions will be forthcoming.
Tshabalala praised Fihla as an “accomplished banker” and highlighted his substantial contributions to Standard Bank throughout his career. Under Fihla’s leadership as CEO of CIB from 2017 to 2024, the division saw remarkable growth, with headline earnings doubling to R20.5 billion and achieving 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 labor movement,” Tshabalala remarked. He concluded by wishing Fihla continued success in his future endeavors as he embarks on this new chapter with Absa.
