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African Bank CEO resigns

Gustav Raubenheimer appointed as interim CEO.
Basani Maluleke, outgoing African Bank CEO. Image: Moneyweb

Basani Maluleke has resigned as the African Bank Group’s CEO and as an executive director of African Bank and African Bank Holdings Limited boards of directors, to pursue other career opportunities.

Maluleke will serve out her notice period until April 30, 2021, during which time she will be available to ensure a smooth hand-over process.

The board has expressed its appreciation of Basani’s significant contribution in “leading the transformation at African Bank to become a diversified and investable retail bank and wishes her well with her future endeavours. Basani’s contributions include amongst others developing and rolling out of the Omni-channel which enables the bank to offer a digital experience to customers and employees, increasing the bank’s retail investments and assisting to rehabilitate the African Bank brand.”

Subject to approval by the Prudential Authority, current CFO Gustav Raubenheimer has been appointed as interim CEO.

“I am extremely proud of what we have achieved over the last three years and grateful for the dedication and hard work of our people. It has been an honour to serve as the CEO of African Bank during an important phase of the organisation’s transformation. I thank the board for their good wishes. My best wishes to all our staff, customers, partners and other stakeholders of African Bank,” Basani said.

Board chairman Thabo Dloti added: “The executive team, under the leadership of Basani, has built a solid foundation on which the group can continue to advance the lives of our stakeholders, providing innovative and value-added financial services and drive growth.  We are confident that this team will continue to take the African Bank forward, with the support of a resilient and engaged staff complement.”

The board adds that it will begin the executive search process for a new CEO.

African Bank is due to present its annual financial results for the year ended September 30, 2020 at 10am on Tuesday.

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Happens often – and bound to continue – – AA gives top qualified (and some lesser qualified) people wonderful opportunities.

Indeed … but it only lasts for a short while.

She was either asked to resign or face the axe. By now corporate South Africa should know better than to use political reasons in such cases. Just put it point blank and get it over-with. The results to be released at dawn will tell us more about this “pursue other career opportunities”

Yes, beyond the normal capabilities.

Maybe there is trouble ahead again for AB.

Perhaps she knows something we Mortal Earthlings don’t!

Lets wait and see after April

Or even better yet, tomorrow @10:00

” … to pursue other career opportunities….” a phrase which holds a million interpretations. Sigh … the facts ma’am. just the facts …

Maybe she’s gonna start her own bank.

Who’s fronting her R250 000 000? Do you know something we don’t?

My bet is that the AB Ceo will join another big listed company.

She performed well when AB was going through difficult times – signs of strong character.

”If you can’t take the heat, get out of the kitchen”!

I have to say that this sort of announcement always makes me suspicious as it follows a cookie-cutter format. I believe that there are three likely reasons for her departure, character clash, performance or better opportunity. If she is leaving for a job offer and she stays in the banking sphere, she might be heading to Standard Bank or Thyme Bank (if I have to guess).

End of comments.

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