Absa appoints Kenny Fihla as CEO after surprise resignation from Standard Bank

The appointment of Standard Bank South Africa’s deputy group chief executive, Kenny Fihla, as the incoming CEO of Absa was announced this morning (Monday) following his unexpected resignation from Standard Bank on Sunday evening.

Following the announcement, Absa’s share price rose by 2.7% to R189.19 in early trade, reflecting investor confidence in the leadership transition. Standard Bank’s stock remained largely unchanged at R237.99.

Fihla, who spent 18 years at Standard Bank, was widely considered a strong contender for the group CEO position. He has held leadership roles across a number of divisions at the bank, including CEO of corporate and investment banking and more recently deputy group chief executive. His resignation was tendered late on Sunday night, with Absa officially announcing his appointment early on Monday morning.

Absa’s board has confirmed that Fihla will assume his new role on 17 June 2025, subject to regulatory approval. Interim CEO Charles Russon, who has been leading the bank since Arrie Rautenbach’s early retirement in October 2024, will continue in the role until Fihla takes over. Russon is then expected to transition into a key senior role within Absa’s executive committee.

“Kenny is a recognised leader with substantial pan-African banking experience and a proven track record,” said Absa board chairperson Sello Moloko. “His leadership will further enhance Absa’s positive momentum and our ability to deliver meaningful value to our clients and stakeholders.”

Fihla’s abrupt departure from Standard Bank comes as a surprise, particularly given his recent appointment as deputy group CEO in August 2024. Many in the industry viewed him as a likely successor to current Standard Bank Group CEO Sim Tshabalala.

“Whilst this is a heavy blow for us, the group is blessed with a surfeit of talent and deep succession pools,” Standard Bank said on Monday, adding that further announcements regarding its leadership structure would follow in due course.

During his tenure as CEO of Standard Bank’s CIB division from 2017 to 2024, Fihla oversaw significant growth, with the unit doubling its headline earnings to R20.5-billion. His leadership was marked by a strong strategic focus on expanding transactional banking services and deepening the bank’s presence across key African markets.

With his transition to Absa, industry analysts will be watching closely to see how Fihla shapes the bank’s strategic direction, particularly in a competitive environment where Absa has been looking to strengthen its corporate and investment banking footprint.

Fihla, who holds a master’s degree in financial economics from the University of London and an MBA from the University of the Witwatersrand, expressed optimism about his new role.

“I am honoured to join and lead a team dedicated to making a positive impact across the continent. Together we will drive forward-thinking strategies that meet our clients’ needs, empower our communities and ensure long-term growth and success for the group.”

With Fihla stepping into Absa’s top job, and Standard Bank yet to announce a permanent replacement for his position, the executive reshuffle signals a period of change in South Africa’s banking sector. DM