Standard Bank Group has announced that Chief Executive Sim Tshabalala and Chief Financial Officer Arno Daehnke will retire in 2027, ending more than a decade in their respective roles.
Tshabalala has led Africa’s largest bank by assets since 2013, while Daehnke was appointed CFO in 2016.
The announcement comes just months after the board raised the retirement age for executive directors from 60 to 63, a move initially seen as enabling Tshabalala, 57, to extend his tenure following the departure of his deputy, Kenny Fihla, to rival lender Absa in March.
However, the Johannesburg-headquartered bank confirmed on Thursday that the new policy will not apply to its current top executives. “While we have extended the retirement age for future executives … it is important to maintain clarity and certainty in our current leadership transition plans,” the bank said in a statement.
The news coincided with Standard Bank’s half-year results, which showed an 8% increase in earnings to $1.36 billion compared to the same period in 2024.
