African Bank has named Zweli Manyathi, head of the business and commercial banking unit, as interim CEO.
The turbulence surrounding the departure of African Bank CEO Kennedy Bungane, the third under board chair Thabo Dloti, has raised questions about goings-on in the lender’s boardroom.
The bank has named Zweli Manyathi, head of the business and commercial banking unit, as interim CEO. Though he is a veteran of retail and business banking, Manyathi will be 65 in September — the bank’s retirement age, which means it may well have a fifth boss before the end of the year.
Still, the bank said it has a clear succession plan. “A core part of the board’s mandate is to ensure that a robust succession plan exists to ensure the approved strategy and objectives are executed, whilst our governance protocols are fully adhered to,” it said in a statement.