While Standard Bank's executive reins have been handed over to Sim Tshabalala, there has been criticism around the bank's initial reluctance to do so, with some calling it's joint CEO model a cop-out.
Before taking the reigns, Tshabala worked alongside Ben Kruger who ran corporate and investment banking between 2006 and 2008, and in June 2008 was made CEO of Standard Bank South Africa.
In a column published by the Business Day on Thursday, charted accountant, Khaya Sithole questions the meaning behind this move and insists it sent out the wrong message.
He states that when Tshabalala accepted the role, 'a common feeling was that Kruger was there to babysit him'.
Sithole continues to highlight how the decision reinforced negative perceptions around the capability of black leaders.
He spoke to Clement Manyathela, standing in for Stephen Grootes, on The Midday Report.
The problem with the joint leadership structure is that unfortunately in the South African context it almost always inevitably ends up with one white leader and one black leader...It always gives the impression that perhaps they did want to have the white CEO in charge but for political reasons they thought it would be better to have a black guy also there.— Khaya Sithole, charted accountant
People are not blind to the possible sensitivities around it.— Khaya Sithole, charted accountant
He says Tshabalala may need to resolve to create a strong pipeline of black leaders within Standard Bank for transformation to be gain traction.
Until then we will always think of him as the guy that took the paycheck, accepted a job he thought he probably wasn't really ready for....— Khaya Sithole, charted accountant
Click on the link below to listen to the full audio.....
This article first appeared on 702 : Perhaps Standard Bank wanted a white CEO in charge - Khaya Sithole