Standard Bank’s CEO Sim Tshabalala and CFO Arno Daehnke will both retire in 2027, having been appointed to their roles in 2013 and 2016, respectively, the bank announced in an email on Thursday.
The change comes months after the board of Africa’s largest bank by assets upped its retirement age for its executive branch from 60 to 63. At the time it was expected to allow Tshabalala, 57, to extend his stay in office after his then deputy Kenny Fihla left in March to become chief executive of rival South African bank Absa.
But on Thursday the Johannesburg-headquartered bank said the rule change would not apply to Tshabalala and Daehnke.
“While we have extended the retirement age for future executives aligned to local and international trends that reflect longer and more productive working lives, it is important to maintain clarity and certainty in our current leadership transition plans,” Standard Bank’s statement said.
The announcement comes as the South African bank reported an 8% jump in earnings to $1.36 billion for the first half of 2025, compared to the same period last year.