Nonkululeko Nyembezi appointed Standard Bank Group’s new chair

She will continue as a board member at Anglo American and Macsteel Services Centre SA.
Image: Moneyweb

Africa’s biggest lender JSE-listed Standard Bank Group (SBG) has appointed Nonkululeko Nyembezi as its new chair, effective from June 1, 2022.

Nyembezi, who was appointed as an independent non-executive director of Strategic Business Groups (SBG) and Standard Bank of South Africa (SBSA) Limited in 2020, will replace Thulani Gcabashe who was with the group for 19 years.

Gcabashe’s retirement was announced on March 31.

“This appointment followed a robust succession planning process that was ably led by the group’s lead independent director. The group has also obtained the necessary prudential authority clearance for the appointment,” SBG said.

“In line with the time commitment associated with her new role, Nyembezi has reviewed her current commitments,” it added.

Nyembezi, whose role as non-executive chair at the JSE Limited ended on May 3, will continue as a board member at Anglo American Plc and Macsteel Services Centre South Africa.

SBG says Nyembezi is a “seasoned and respected leader with extensive experience in diverse industries, gained from many years as an executive and board member.”

This includes her experience as chair of Alexander Forbes Group Holdings, non-executive director of Old Mutual, CEO of ArcelorMittal South Africa and non-executive director of Standard Bank Namibia. She also has expertise in strategy, planning, execution, governance, and corporate stewardship.

Nyembezi holds a Master of Business Administration (MBA) from the Open University Business School based in the United Kingdom and a Master of Science (MSc) in electrical engineering from the California Institute of Technology.

“The boards congratulate Nonkululeko on her appointment and look forward to her leadership.”

Nondumiso Lehutso is a Moneyweb intern.

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