Company News in Brief
SBG boss Sim Tshabalala to serve as interim Standard Bank SA CEOSim Tshabalala – the chief executive of JSE-listed banking giant Standard Bank Group (SBG) – takes on the additional responsibility of interim CEO of Standard Bank of South Africa Limited (SBSA) effective 8 April, the group confirmed on Tuesday evening.
SBG’s biggest operation by far is its SA business, and the move follows the resignation of Kenny Fihla, the group’s deputy chief executive and CEO of SBSA, in March to take on the role of group CEO of rival Absa later this year.
Tshabalala’s interim role as SBSA CEO is “subject to regulatory approval”, the bank said.
“Accordingly, Sim will serve in a dual capacity as chief executive of Standard Bank Group and SBSA, and as executive director on the boards of both companies, until such time as the boards make further announcements regarding executive succession planning,” it noted.
Fihla’s departure from SBG came as a surprise last month, as he was seen by some market watchers as a contender for the SBG top job when Tshabalala leaves.
“Following the group’s announcement on 17 March 2025, in which Kenny Fihla’s resignation from Standard Bank Group and SBSA was announced, shareholders and noteholders are hereby informed that Kenny Fihla has resigned as an executive director of SBSA; as a member of [the] group and SBSA board committees; and as non-executive director of Stanbic Africa Holdings Limited and ICBC Standard Bank Plc, with effect from 8 April 2025,” the group’s latest Sens further stated.
“Kenny will remain an employee of the group and continue to serve his contractual notice period on garden leave until 13 June 2025,” SBG added.-MONEYWEB
Petra Diamonds delays Cullinan Mine tender amid US tariff uncertainty
Petra Diamonds, which has the world's third-largest resource of diamonds, said on Wednesday it had delayed the sale of gems from its Cullinan Mine in South Africa until there was greater clarity around the impact of U.S. tariffs.
The company, as part of its periodic tenders, had already sold diamonds from its Finsch mine, also in South Africa, and its Williamson mine in Tanzania before U.S. President Donald Trump unleashed a barrage of tariffs last week.
Petra, already struggling with widening losses due to prolonged weakness in the diamond market, is in the midst of a restructuring plan.
Moreover, the iconic Cullinan mine, from where the largest ever gem-quality diamond was recovered 120 years ago, has been producing fewer high-quality diamonds recently.