Sim Tshabalala has resigned from his position as Non-Executive Director of Stanbic IBTC Holdings.
According to the notification issued by the company to the Nigerian Stock Exchange (NSE) and signed by Chidi Okezie, the Company Secretary, the decision to quit the company was expected to be effective from Thursday, 31 October 2019.
Why this matters: Tshabalala resigned from the job to allow him pay more attention to his current role as Chief Executive of Standard Bank Group.
Reacting to the development, the Board of Directors of the Company, appreciated the Non-Executive Director for his contributions, astute leadership and meritorious service towards the success of the Stanbic IBTC Group.
They also wished him well as he focuses on more challenging role in the drive to implement the Standard Bank Group strategy.
What you should know: Sim Tshabalala joined the Standard Bank Group (SBG) in 2000 in the project finance division of Standard Corporate and Merchant Bank (SCMB) and was appointed to group exco in 2001. Between 2001 and 2006. He was managing director of Stanbic Africa and was appointed Chief Executive of Personal and Business Banking (PBB) in South Africa in 2006. In June 2008, he was appointed Chief Executive of the Standard Bank of South Africa (SBSA).
In March 2013, Tshabalala was appointed joint group chief executive of Standard Bank Group (SBG), a position he held alongside Ben Kruger until Ben stepped down in September 2017. He resigned as chief executive of Standard Bank of South Africa (SBSA) in January 2018.
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Mr Tshabalala, who also serves as Chief Executive of Standard Bank Group (Africa’s largest Bank by Assets and parent Company of Stanbic IBTC Holdings PLC), has been on the Board of the Company since 2013 and served on a number of Board Committees. Mr Tshabalala equally served as Chairman of the Board of the Company’s wholly-owned subsidiary – Stanbic IBTC Bank PLC.