Absa has conducted a raid on Standard Bank for its new chief executive. The banking group said on Monday that Standard Bank South Africa CEO Kenny Fihla will be its next group CEO with effect from mid-June.
Fihla, who has an MSc in financial economics from the University of London and an MBA from Wits University, joined Standard Bank in 2006 and has held various senior-level roles in the organisation, including as CEO of CIB, deputy CEO of Standard Bank Group (a role that saw him looking after its operations outside South Africa) and CEO of Standard Bank South Africa.
Interim Absa CEO Charles Russon will stay on until 16 June, when Fihla will take the reins.
“Charles will partner closely with Kenny to ensure a smooth leadership transition, whereafter he will take a key senior role within the group executive committee,” Absa said. Fihla will go on “gardening leave” from Standard Bank with immediate effect.
“While this is a heavy blow for us, the group is blessed with a surfeit of talent and deep succession pools. Further announcements in respect of the leadership of our geographies will be made in due course,” said Standard Bank Group CEO Sim Tshabalala.
‘Accomplished banker’
“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,” Tshabalala said.
“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%.
Read: Standard Bank spent R22.4-billion on IT in 2024
“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.” — © 2025 NewsCentral Media
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