Tshabalala Resigns from Stanbic IBTC Board

October 31, 2019
Stanbic IBTC

By Modupe Gbadeyanka

The resignation of a non-executive director on the board of Stanbic IBTC, Mr Sim Tshabalala, has been announced by the financial institution. A statement from the company disclosed that the exit became effective from Thursday, October 31, 2019.

In the statement, it was disclosed that Mr Tshabalala left the position to enable him focus more time and attention on his current role as Chief Executive of Standard Bank Group.

He has been on the board of Stanbic IBTC since 2013 and served on a number of board committees. He equally served as Chairman of the board of the company’s wholly owned subsidiary, Stanbic IBTC Bank PLC.

“We hereby notify the Nigerian Stock Exchange (NSE) and the investing public that Mr Sim Tshabalala, a non-executive director, will be resigning from the board of Stanbic IBTC Holdings PLC with effect from today, October 31, 2019.

“Mr Tshabalala, who also serves as Chief Executive of Standard Bank Group (Africa’s largest bank by assets and parent company of Stanbic IBTC Holdings PLC), has been on the board of the company since 2013, and served on a number of board committees.

“Mr Tshabalala equally served as Chairman of the board of the company’s wholly owned subsidiary, Stanbic IBTC Bank PLC and will also be resigning from the board of the bank with effect from October 31, 2019.

“Mr Tshabalala’s resignations are to enable him focus more time and attention on his current role as Chief Executive of Standard Bank Group,” the statement read in part.

The board, in the statement, thanked Mr Tshabalala for his contribution to the company, wishing him success in his new position.

“The boards of directors of the company and the bank acknowledge and sincerely express their profound gratitude to Mr Tshabalalafor his leadership, service and immense contributions to the Stanbic IBTC Group, while he was a director on both boards and wish him all the best as he continues to focus on implementing the Standard Bank Group strategy,” it concluded.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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