Two at the wheel steer Standard Bank out of trouble
Bank is sticking with its double CEO arrangement for now
What's a bank to do when it is selling off international assets while at the same time having to stave off rising competition in its domestic market? If it cannot divide its chief executive in two, it puts two people at the helm. Now in its fifth year, that is the solution Standard Bank tried when it appointed Sim Tshabalala and Ben Kruger as joint CEOs to succeed Jacko Maree. It's a decision that seems to be bearing fruit. Since their appointment in March 2013, the 154-year-old bank's share has risen more than 40%, outperforming some of its main rivals. Barclays Africa declined 5.4% and Nedbank is only 14.19% higher over that period. FirstRand, with its almost 77% appreciation, and Stellenbosch-based Capitec, with its more than 342% climb, are the only two with better figures. "It's the outcome of the disciplined execution of a long-term strategy," Tshabalala said this week. "Ben and I followed Jacko Maree as the CEOs, and Jacko always used to say we are stewards and beneficiaries ...
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