Fresh appointments to African Bank’s C-suite following executive departures

African Bank has moved to allay concerns about a leadership crisis by making key appointments at the financial institution, with the changes expected to bring greater stability to the bank’s C-suite after a period of uncertainty.

The latest development in the executive shake-up saw the immediate resignation of Anbann Chetti as chief financial officer last week. Given Mabena was subsequently appointed as acting CFO.

Before this, group CEO Kennedy Bungane suddenly vacated his position in March, amid speculation about the board’s alleged grievances over a poor showing.

The bank provided few details about the reasons for Bungane’s departure, other than announcing Zweli Manyathi as his replacement.

Read:
African Bank boss Kennedy Bungane resigns with immediate effect
African Bank CFO resigns with immediate effect

Announcing the executive overhaul in a statement on Wednesday, the board said it was a clear signal of its focus on high performance, accountability and sound governance across its leadership team.

“Following the recent announcement by the board that Zweli Manyathi has been appointed in a permanent capacity as group CEO of African Bank, the new incumbent has wasted no time in making key appointments,” African Bank said.

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“The bank is implementing a clear plan focused on integration, efficiency and long-term value creation.”

The lender, headquartered in Johannesburg, said it was entering a “critical phase” with a strong leadership team of seasoned banking executives and a clear succession framework.

New hires

Happy Ralinala (chief executive: personal banking) has more than two decades of experience across retail, business and wealth banking.
Keketso Motsoene (chief executive: business and commercial) brings nearly two decades of experience in building long-term commercial relationships and driving operational excellence.
Dr Bongani Mageba (chief executive officer: insurance) is a three-decade veteran with extensive expertise in insurance, asset management and investments.
Linda Mthenjane (group chief people and culture officer) brings more than 25 years of experience in strategic human capital management and governance.

“This blend of internal continuity and external expertise is purposeful. It ensures the Bank has the capabilities required to integrate recent acquisitions, remove duplication and drive efficiencies across the group,” it added.

Job cuts

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While the C-suite undergoes an overhaul with the appointment of new executives, African Bank also confirmed that it is currently implementing a Section 189A process, a formal consultation process that can precede retrenchments.

The bank described the process as part of a “strategic consolidation process”.

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“In line with the group strategy, the balance sheets of ABL and ABHL reflect a shift from acquisition to consolidation and stabilisation, to embed capabilities, create synergies, and unlock value, with advances appropriately provided for, and with adequate cash resources,” the financial institution explained.

It remains unclear how many jobs could be affected by the process, or at what level.

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