JOHANNESBURG - Standard Bank South Africa on Thursday announced the appointment of Lungisa Fuzile as its new CEO; Fuzile is the former director general of the National Treasury.
Fuzile replaces Sim Tshabalala,making him the first black person to lead Africa’s largest lender.
Business Leadership South Africa (BLSA) has congratulated the Standard Bank Group for appointing Lungisa Fuzile as its new CEO, noting that his departure from the Treasury represented a setback to the South African civil service.
"BLSA is therefore excited by the retention of this critical skill within the South African financial services sector. One of the key pillars of BLSA's contract with South Africans is the empowerment of black leadership. This appointment aids that goal, BLSA said in a statement.
"I wish Lungisa all of the very best in his new role," said Themba Maseko, Communications Director of BLSA “He retains both our support and respect."
Treasury has also wished Fuzile well, saying that it looks forward to working with him again, albeit in a very different role.
Fuzile will join both the Group Executive Committee and the Group Management Committee and will be accountable to the Board of SBSA, reporting Group Chief Executive Officer Sim Tshabalala.
Fuzile's appointment takes effect on January 15 2018.
- BUSINESS REPORT ONLINE