The bank announced on Tuesday that former co-CEO Ben Kruger has resigned with immediate effect, but will remain as a member of its executive board and report to Tshabalala.
Standard Bank said the group’s turnaround strategy – which necessitated the need to appoint two CEOs in 2013 – has paid off and, in some instances, even exceeded expectations, and that the time was right to let Tshabalala run with the business on his own.
“The board expresses appreciation to Ben and Sim, who have successfully led the process of refreshing the group’s strategy and managed complex challenges which faced the group in several jurisdictions, while delivering respectable returns to our shareholders,” Standard Bank group Chairman Thalami Gcabashe said in a statement.
“The resounding success of the joint-group chief executive structure is testament to the group’s culture and values, which include working in teams, respecting each other and upholding the highest levels of integrity. Good momentum has been achieved in the implementation of the group’s refreshed strategy.”
Kruger’s new role will focus on contributing to the leadership, management and governance of Africa regions, assisting with the management of the bank’s risks and maintaining and building key client relationships.
Over the past three years Standard Bank’s share price has grown by 22% and the two men have been rewarded handsomely for their work, with Tshabalala receiving a total remuneration package of R30,99 million for the 2015 financial year, while Kruger received R30,79 million – up from R24,2 million and R19 million respectively for the previous year.