<\/p>\n
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\u2019s C-suite after a period of uncertainty.<\/p>\n
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.<\/p>\n
Before this, group CEO Kennedy Bungane suddenly vacated his position in March, amid speculation about the board\u2019s alleged grievances over a poor showing.<\/p>\n
The bank provided few details about the reasons for Bungane\u2019s departure, other than announcing Zweli Manyathi as his replacement.<\/p>\n
Read:
African Bank boss Kennedy Bungane resigns with immediate effect
African Bank CFO resigns with immediate effect<\/p>\n
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.<\/p>\n
\u201cFollowing 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,\u201d African Bank said.<\/p>\n
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\u201cThe bank is implementing a clear plan focused on integration, efficiency and long-term value creation.\u201d<\/p>\n
The lender, headquartered in Johannesburg, said it was entering a \u201ccritical phase\u201d with a strong leadership team of seasoned banking executives and a clear succession framework.<\/p>\n
New hires<\/p>\n
Happy Ralinala (chief executive: personal banking) has more than two decades of experience across retail, business and wealth banking.
\nKeketso Motsoene (chief executive: business and commercial) brings nearly two decades of experience in building long-term commercial relationships and driving operational excellence.
\nDr Bongani Mageba (chief executive officer: insurance) is a three-decade veteran with extensive expertise in insurance, asset management and investments.
\nLinda Mthenjane (group chief people and culture officer) brings more than 25 years of experience in strategic human capital management and governance.<\/p>\n
\u201cThis 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,\u201d it added.<\/p>\n
Job cuts<\/p>\n
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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.<\/p>\n
The bank described the process as part of a \u201cstrategic consolidation process\u201d.<\/p>\n
Read:
African Bank\u2019s profit up 15%
African Bank\u2019s new route to the JSE<\/p>\n
\u201cIn 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,\u201d the financial institution explained.<\/p>\n
It remains unclear how many jobs could be affected by the process, or at what level.<\/p>\n
#Fresh #appointments #African #Banks #Csuite #executive #departures<\/p>\n","protected":false},"excerpt":{"rendered":"
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