Thulani Gcabashe (57) will be appointed Chairman of Standard Bank Group at the conclusion of the company's annual general meeting on 28 May 2015, subject to his re-election as a director of Standard Bank Group at the AGM. He will be taking over from Fred Phaswana (70), who will be retiring at the close of the AGM.
Mr Gcabashe has served as an independent non-executive director of Standard Bank Group (SBG) and The Standard Bank of South Africa Limited (SBSA) since 2003. In line with the significantly increased time commitment associated with his new role, Mr Gcabashe will be reducing his day to day executive involvement at BuiltAfrica Holdings, the renewable energy company that he founded. He will also over a period of time be stepping down as chairman of Imperial Holdings, chairman of MTN Zakhele and non-executive director of Togo Invest.
Mr Phaswana, who has been chairman of SBG since 2010, says: "Thulani has served with distinction on the boards of Standard Bank for nearly 12 years so he has an excellent and intimate understanding of the focus and direction that the Group is taking. In addition, his vast experience, both in business and on the various boards that he has served on, will be invaluable to the Group as Standard Bank Group focuses on delivering on its Africa strategy. Thulani takes over as chairman at a very exciting juncture in Standard Bank Group's growth journey and I wish him all the best.
" Says Mr Gcabashe: "Fred has set an exceptional standard and I am excited by the opportunities that this new position brings. There is still a lot to be done to consolidate Standard Bank Group's position as the leading African integrated financial services organisation and I am looking forward to the challenge.
" Mr Gcabashe has a Masters in Urban and Regional Planning from Ball State University in the USA as well as a Bachelor of Arts degree from the University of Botswana and Swaziland.
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