TymeBank's CEO Sandile Shabalala has resigned. Picture: SUPPLIED
TymeBank's CEO Sandile Shabalala has resigned. Picture: SUPPLIED

African Rainbow Capital-owned TymeBank is looking for a new CEO after Sandile Shabalala resigned from the post which he held for close to three years.

African Rainbow Capital Investments (ARC Investments), which also announced the appointment of former Nedbank executives to TymeBank’s board on Tuesday, said Shabalala resigned for personal reasons, including that he wanted to spend more time with his family.

“He led TymeBank through its development phases and its public launch in February this year,” ARC Investments said.

Since launching, the bank has acquired more than 400,000 customers, and said recently it was on track to have 500,000 by July.

The TymeBank board would announce the appointment of a new CEO “in due course”, subject to feedback from the Prudential Authority at the SA Reserve Bank, ARC Investments said.

Shabalala would serve his notice period. Deputy CEO Tauriq Keraan would manage the transition period alongside Shabalala until a new CEO is appointed, ARC Investments said.

Meanwhile, ARC Investments said Thabani Jali, who stepped down as a Nedbank executive earlier in 2019, had been appointed as an independent nonexecutive director and chair of TymeBank. Jali is a former KwaZulu-Natal high court deputy judge president and a former executive chair of PwC.

At the same time, Tom Boardman, a former Nedbank CEO, had been appointed as a nonexecutive director and deputy chair at TymeBank, ARC Investments said.

Philip Wessels, who was group executive for retail and business banking at Nedbank until his early retirement in 2016, had been appointed as an independent nonexecutive director at the bank.

African Rainbow Capital, through its subsidiary ARC Financial Services, owns 73% of TymeBank, whose other shareholders include its founders and employees.

hedleyn@businesslive.co.za