Standard Bank CEO Plans Exit After Record Profit, New Expansion

Standard Bank Group Ltd. announced plans for its two top executives to leave, as Africa’s biggest lender by assets posted record profit and an expansion further into the continent.

Chief Executive Officer Sim Tshabalala and finance chief Arno Daehnke will leave the Johannesburg-based lender by the end of 2027, when they’ll each have served for more than a decade in their roles. The two men will reach the retirement age of 60 that year, and a new rule increasing that threshhold to 63 years won’t apply to them, the bank said in a statement on Thursday.

Sim Tshabalala, group chief executive at Standard Bank.

Photographer: Hollie Adams/Bloomberg

Since his appointment ...