Standard Bank Group has announced that its Chief Executive Officer, Sim Tshabalala, and Chief Financial Officer, Arno Daehnke, will retire by the end of 2027, despite a recent change in the bank’s executive retirement policy.
The bank said on Thursday that it had revised the normal retirement age for executives from 60 to 63 years. However, the new limit will not apply to Tshabalala and Daehnke, who will remain subject to the existing retirement age of 60. The move forms part of the group’s long-term leadership succession planning.
Tshabalala, who has led the bank since 2013, and Daehnke, who became CFO in 2016, have both played central roles in Standard Bank’s growth. “Sim and Arno’s contributions over more than a decade have been instrumental to Standard Bank’s growth,” the bank noted in a statement.
The announcement came as Africa’s largest lender by assets reported strong first-half results for 2025. Headline earnings rose 8% to 23.8 billion rand ($1.36 billion) from 22 billion rand in the same period last year, while return on equity improved to 19.1% from 18.5%.
Shares of the Johannesburg-listed bank were up about 3% by mid-morning trading.
Melissa Enoch
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