The complexity faced by Standard Bank in 2013 has been largely simplified, eliminating the need for two CEOs, says Sim Tshabalala, the banking group’s newly announced sole CEO, after four years co-captaining the ship with Ben Kruger. On Tuesday, Standard Bank announced the end of its joint CEO structure, which has cost the bank more than R320m over the past four years. Kruger, who volunteered to step down, remains an executive director, reporting to Tshabalala. The earlier restructuring of the group, which included downsizing global operations, accelerating growth in Africa, adapting to new regulation and implementing a major IT transformation, had warranted the joint structure, Tshabalala said. At the time, the decision attracted criticism, with some seeing it as the bank appointing a white CEO to oversee its first black CEO. "If I felt I was being done a favour I wouldn’t have taken the job. The decision at the time had to do with the skills I brought to the table; so too now," Ts...
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