TymeBank has announced key leadership changes with the appointment of a number of leading business figures as board members. Photo: Reuters

DURBAN - TymeBank has announced key leadership changes with the appointment of a number of leading business figures as board members.

TymeBank Chief Executive Sandile Shabalala has tendered his resignation for personal reasons, the most important of which is to spend more time with his family. Shabalala held the position of Chief Executive for close to three years. 

He led TymeBank through its development phases and its public launch in February this year. Since launch the Bank has acquired more than 400 000 customers and is well on its way to acquiring 500 000 by July this year.

The TymeBank board will announce the appointment of a new Chief Executive in due course, subject to feedback from the Prudential Authority at the SA Reserve Bank. Shabalala will serve his notice period. 

Tauriq Keraan, deputy Chief Executive of TymeBank, will manage the transition period alongside Shabalala until a new Chief Executive has been appointed.

Thabani Jali was appointed as Chairperson and Independent Non-executive Director of the TymeBank board. 

Jali retired in January 2019 as member of the Group Executive at Nedbank where he held the position of Chief Governance and Compliance Officer and Group Company Secretary. Prior to his role at Nedbank, he was executive chairman of PriceWaterhouseCoopers.

Tom Boardman was appointed as deputy Chairperson and Non-executive Director of TymeBank. Boardman is the former Cheif Executive of Nedbank and retired from this executive position in 2010. 

Philip Wessels was appointed as an Independent Non-executive Director while Coenraad Jonker who was the Acting Chairperson will remain on the TymeBank board as a Non-executive Director.

African Rainbow Capital (ARC) is the majority shareholder in TymeBank and currently holds a 73 percent interest. Other shareholders include the founders and employees of the Bank.

ARC Chairperson Mr Patrice Motsepe said, "We welcome the appointment of the new board members. They are all highly respected for their roles in championing good corporate governance practices. As the controlling shareholder of the Bank, we look forward to Mr Jali’s leadership and contribution as Chairperson. 

He added, "We thank Sandile Shabalala for his contribution as Chief Executive for close to three years and for leading the team thus far. We also wish him well with his future plans". 

Shabalala commented, "For close to three years my leadership position at TymeBank has offered my team and me numerous exciting challenges, on which we have delivered successfully. In preparing the Bank for its launch and launching it earlier this year, we can safely say we have done so with flying colours".

TymeBank is expected to reach a client base of 500 000 by July and 1 million customers by December 2019. From a market with a potential size of 21 million customers in predominantly LSM 5, 6 and 7, the Bank has set itself a target of reaching 2 million customers over the next two years.