By Lehlohonolo Lehana.
Absa Group has named former Standard Bank deputy CEO Kenny Fihla, who tendered his resignation on Sunday night, as its next chief executive.
Absa has published an announcement that it has appointed Fihla as the CEO of Absa Group and executive director of Standard Bank, effective 17 June 2025.
“Kenny is a recognised leader with substantial Pan-African banking experience and a proven track record,” said Absa.
“He has almost 20 years of experience in leadership roles in banking.”
Fihla joined Standard Bank Group in 2006 and has held numerous senior roles, including that of Chief Executive Officer of its corporate investment banking (CIB) unit, Deputy Chief Executive Officer of Standard Bank Group and CEO Standard Bank South Africa.
Kenny holds an MSc in Financial Economics (University of London) and an MBA (University of the Witwatersrand).
Fihla will also resign as an executive director of Standard Bank South Africa and the associated board committees.
He will also cease to be a non-executive director and chairman of the boards of ICBC Standard Bank Plc and Stanbic Africa Holdings Limited, respectively.
Standard Bank thanked Fihla for his services and said the necessary succession planning measures would be announced soon.
“Under his guardianship as Chief Executive from 2017 to 2024, CIB doubled its headline earnings to 20.5 billion rand and achieved a compound annual growth rate of 8.6%,” Standard Bank said in a separate statement.
His resignation comes only months after being promoted to his current role at Standard Bank, with his promotion to Group Deputy CEO coming only in September 2024.
He will become Absa’s seventh CEO in as many years. Following the early retirement of CEO Arrie Rautenbach, Absa CEO Corporate and Investment Charles Russon took over as Interim CEO last year.
Absa said Charles Russon will stay on as Interim CEO until 16 June 2025. He will work closely with Fihla to ensure a smooth leadership transition, whereafter he will take another key senior role.
“Charles will partner closely with Kenny to ensure a smooth leadership transition, whereafter he will take a senior role within the group executive committee,” it added.