Kenny Fihla, the current CEO of Standard Bank South Africa, has been named the new Absa Group CEO, marking a significant transition in the South African banking sector. The announcement was made on Monday, with Fihla set to officially take over in mid-June.
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Kenny Fihla’s portfolio
After earning an MBA from Wits University and a Master of Science in Financial Economics from the University of London, Kenny Fihla brings a variety of experience and academic credentials to his new role.
He began working with Standard Bank in 2006 and has subsequently occupied a number of high-level executive roles.
His most recent position as CEO of Standard Bank South Africa follows his previous positions as Deputy CEO of Standard Bank Group, where he managed operations outside of South Africa, and CEO of Corporate and Investment Banking (CIB).
Handover on June 16
In anticipation of this change, Charles Russon, the interim CEO of Absa, will continue to serve until June 16, the day Fihla formally takes up his new job.
Russon will work closely with Fihla to guarantee a smooth leadership transfer, according to Absa.
Afterward, Russon is expected to take on a prominent senior role within the group executive committee.
As part of the transition, Fihla will take “gardening leave” from Standard Bank to prepare for his new CEO responsibilities at Absa.
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“Heavy blow”
The CEO of Standard Bank Group, Sim Tshabalala, called Fihla’s exit a “heavy blow” to the company and acknowledged its impact.
Nonetheless, he conveyed assurance in the bank’s robust talent pool and succession planning, promising more announcements about leadership in several areas soon.
Fihla was hailed by Tshabalala as an “accomplished banker,” and he was commended for his significant professional accomplishments to Standard Bank.
With headline earnings tripling to R20.5 billion and reaching a compound annual growth rate of 8.6 percent, CIB saw extraordinary success under Fihla’s leadership as CEO from 2017 to 2024.
“We are fortunate to have been able to draw on his unique combination of experience and wisdom in business, government, and the labor movement,” Tshabalala remarked.
As he starts this new chapter with Absa, he ends by wishing Fihla continued success in all of his future undertakings.
