JOHANNESBURG (Reuters) -Standard Bank Group said on Thursday that its Chief Executive Officer Sim Tshabalala and Chief Financial Officer Arno Daehnke would retire by the end of 2027 as it reported higher headline earnings for the first six months of the year.
The announcement follows a review of the bank’s retirement age for its executives that decided to increase the normal age from 60 to 63 years.
But it said that decision would not apply to Tshabalala or Daehnke, who will be subject to the existing retirement age of 60.
“The decision, taken in line with the group’s leadership succession planning, means that both Mr Tshabalala and Mr Daehnke … are expected to retire toward the end of 2027,” the bank said in a statement.
Tshabalala has served as CEO since 2013, while Daehnke has been CFO since 2016.
“Sim and Arno’s contributions over more than a decade have been instrumental to Standard Bank’s growth,” the statement said.
The bank, Africa’s biggest by assets, on Thursday reported headline earnings of 23.8 billion rand ($1.36 billion) for the first half of 2025, up 8% from 22.0 billion rand in same period a year earlier.
Its return on equity improved to 19.1%, up from 18.5%.
Its Johannesburg-listed shares were up about 3% by 0925 GMT.
($1 = 17.5615 rand)
(Reporting by Colleen Goko;Editing by Alexander Winning and Joe Bavier)
