Tshabalala has been sharing the CE role with Ben Kruger, who has stepped down with immediate effect, since 2013.
This was confirmed by the Group chairman Thulani Gcabashe on Tuesday.
“The board expresses appreciation to both Ben and Sim, who have successfully led the process of refreshing the group’s strategy and managed complex challenges which faced the group in several jurisdictions, while delivering respectable returns to our shareholders”.
“The resounding success of the joint-group chief executive structure is testament to the group’s culture and values which include working in teams, respecting each other and upholding the highest levels of integrity. Good momentum has been achieved in the implementation of the group’s refreshed strategy,” said Gcabashe.
Tshabalala will continue in the role of group chief executive of Standard Bank Group and chief executive of the Standard Bank of South Africa Limited, respectively.
Finance minister Malusi Gigaba has also congratulated Tshabalala on his new responsibilities.
“As one of the leaders of the so-called Big Four banks, this is truly an affirmation of the capacity of black professionals and a championing story for transformation in South Africa’s financial sector,” said the Minister.
There was no reasoning for Kruger’s resignation with the group only confirming he will be part of the leadership team going forward.
