Standard Bank Group, Africa’s largest bank by assets, has announced that Group CEO Sim Tshabalala and Group CFO Arno Daehnke will retire by the end of 2027. This decision comes even as the bank has officially raised the retirement age for its executive leadership from 60 to 63 years, in line with evolving global and local workforce trends.
Despite the policy change, the bank clarified that the new retirement age will not apply retroactively to Sim Tshabalala and Daehnke. Their planned departures remain part of a previously established leadership transition strategy.
Tshabalala has served as CEO since 2013, becoming the first Black African to lead the bank in its over 160-year history. Daehnke joined the executive team as CFO in 2016, playing a key role in the bank’s financial strategy and performance during a period of significant transformation and growth.
Nonkululeko Nyembezi, Chairperson of Standard Bank Group, explained the rationale behind the retirement age adjustment and the decision to maintain the current leadership timeline:
We have extended the retirement age for future executives aligned to local and international trends that reflect longer and more productive working lives. However, it is important to maintain clarity and certainty in our current leadership transition plans. This approach ensures we honor those plans while preparing the next generation of leaders.
The succession process for Tshabalala has become more complex following the recent departure of Kenny Fihla, the former Deputy CEO and a potential successor. Fihla left Standard Bank to assume the role of CEO at rival banking group Absa, creating a gap in the bank’s internal leadership pipeline.
As Standard Bank navigates this transition, the focus will be on identifying and grooming new leadership talent capable of sustaining the bank’s strategic momentum across its African and international operations.
