Standard Bank: Liberty CEO Thabo Dloti Quits over Difference of Opinion
May 30 2017 - 2:05AM
Dow Jones News
Standard Bank Group Ltd. (SBK.JO) said Tuesday Liberty Chief
Executive Thabo Dloti is leaving following a difference of opinion
with the board on the immediate focus of the company, at a time
when the organization is facing tough operational and environmental
challenges.
Africa's largest bank by assets said Mr. Dloti believes that
given this environment, alignment among key stakeholders is
imperative to ensure the effective execution of the strategy
required to drive the company forward.
However, Standard Bank said the alignment, coupled with the
ability to act decisively, is in the best interests of the
company.
"Given Liberty's importance as an institution to the Standard
Bank Group, our ongoing priority is to enable the company to
achieve its growth by focusing on a short-term recovery plan and a
longer-term strategy to reinforce its competitiveness. Liberty
remains a fundamentally sound business and Standard Bank is
confident of Liberty's long-term profitability, competitiveness and
sustainability," says Chief Executive Sim Tshabalala.
Standard Bank has now appointed David Munro Chief Executive
Officer of Liberty.
The bank also said it has appointed Kenny Fihla, the current
deputy chief executive and head of client coverage CIB, Chief
Executive CIB, with immediate effect.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
May 30, 2017 01:50 ET (05:50 GMT)
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