Former Treasury DG Lungisa Fuzile hired for top job by Standard Bank

Standard Bank today announced the appointment of Lungisa Fuzile as its Chief Executive.

The post is with effect from 15 January 2018.

Fuzile takes over from Sim Tshabalala who has served as Chief Executive of Standard Bank SA from June 2008.

The group said in a statement: "This appointment follows the recent changes to the Group’s executive structure‚ which resulted in the disbanding of the joint group chief executive construct. The leadership of SBSA was a component of Sim’s responsibilities when he served as the joint-group chief executive. This appointment removes the dual role for Sim‚ which had become both unsustainable and inappropriate.

"Lungisa Fuzile will be accountable to the board of SBSA‚ with a matrix reporting line to the Group Chief Executive‚ Sim Tshabalala."

Fuzile had a 20-year career in public service‚ culminating in his role as Director-General at the National Treasury from May 2011. He resigned from the post in May 2017‚ a year before his contract was due to end.