Business Leadership South Africa (BLSA) has congratulated Standard Bank Group for appointing former director-general at National Treasury Lungisa Fuzile as the new chief executive of Standard Bank SA.
Fuzile quit Treasury in April after his former boss Pravin Gordhan was sacked in a cabinet reshuffle. He had served 20 years in the public service. His departure from the Treasury represented a setback to the South African civil service.
Standard Bank SA on Thursday announced that Fuzile would take over the reigns as its new chief executive with effect from 15 January 2018. He would replace Sim Tshabalala, who, in September, took over as sole chief executive after Ben Kruger stepped down from the shared position.
Standard Bank said that the appointment followed recent changes to the group’s executive structure which resulted in the disbanding of the joint group chief executive construct.
“The leadership of SBSA was a component of Sim’s responsibilities when he served as the joint-group chief executive. This appointment removes the dual role for Sim, which had become both unsustainable and inappropriate,” the bank said.
BLSA said it was excited by the retention of this critical skill within the South African financial services sector.
Themba Maseko, communications director of BLSA, said one of the key pillars of their contract with South Africans is the empowerment of black leadership, and thus Fuzile’s appointment at Standard Bank appointment aids that goal.
“I wish Lungisa all of the very best in his new role. He retains both our support and respect,” Maseko said in a statement. (via African News Agency)
