• Standard Bank Group deputy chief executive Kenny Fihla tendered his resignation late on Sunday.
• It was revealed on Monday that he had taken a job at Absa as its new CEO.
• Fihle joined Standard Bank in 2006 before graduating to the rank of chief executive of Standard Bank South Africa.

On Monday morning Standard Bank Group announced that Kenny Fihla had submitted his resignation late on Sunday evening.

This is a massive blow to Standard Bank Group where Fihla served as the Deputy Chief Executive but also to Standard Bank South Africa as he served as the bank’s chief executive. As you might imagine, this is a monumental departure for the group and as such Fihla has been placed on garden leave. This is where an employee is asked not to return to the office during their resignation period but they continue to be part of the company. 

That garden leave turns out to have been a good idea because this morning it was revealed that Fihla had taken a job at Absa. Can’t have your executive taking the company secrets to a new employer now can you?

Absa told shareholders this morning that, “following an extensive selection process, Mr Kenny Fihla has been appointed as Chief Executive Officer and executive director of Absa Group and Absa Bank, effective 17 June 2025, subject to regulatory approval.”

As reported by TechCentral, Absa’s interim CEO, Charles Russon will help transition Fihlea into the leadership role at Absa.

Fihla joined Standard Bank in 2006 as an executive in the Financial Asset Services business of Corporate & Investment Banking at Standard Bank. Before being appointed to the level of chief executive in 2017, he held various roles including Head of Transactional Products & Services, Head of Client Coverage and Deputy Chief Executive at CIB.

As chief executive from 2017 to 2024, Fihla helped double CIB’s headline earnings to a staggering R20.5 billion and achieved a compound annual growth rate of 8.6 percent.

“Kenny has made an immense contribution to our Group in his various roles over the course of his career with us and is recognised as an accomplished banker and leader in South Africa, on the continent and globally,” Standard Bank Group chief executive officer, Sim Tshabalala said in a statement. “We are fortunate to have been able to draw on his unique combination of experience and wisdom in business, government and the labour movement.  We wish Kenny continued success on his onward journey”.

Standard Bank says that it will announce a succession plan in due course but also noted that it was “blessed with a surfeit of talent and deep succession pools”.