TymeBank CEO steps down

TymeBank chief executive Sandile Shabalala is leaving the company, the group said in a statement on Tuesday (25 June).

Shabalala is leaving for personal reasons, it said, to spend more time with his family.

He held the position of CEO for close to three years and led TymeBank through its development phases and its public launch in February 2019.

“Taking into account the invaluable experience I gained at TymeBank and my vast years of banking experience I believe that now is the right time to take a break, spend time with my family, and thereafter figure out how do I make meaningful contributions to the wider world out there and further my passion of driving inclusion and upliftment of communities,” Shabalala said.

Since launch the bank has acquired more than 400,000 customers and is well on its way to acquiring 500,000 by July this year and 1 million customers by December.

The group said it was working hard to continue onboarding 20,000 to 30,000 new customers each week.

“The TymeBank board will announce the appointment of a new CEO in due course, subject to feedback from the Prudential Authority at the SA Reserve Bank. Mr Shabalala will serve his notice period,” the bank said.

Tauriq Keraan, deputy CEO of TymeBank, will manage the transition period alongside Shabalala until a new CEO has been appointed.

The CEO’s resignation comes amid several other appointments and executive changes at the group, including the appointment of a number of leading business figures as board members.

This includes former KwaZulu Natal High Court deputy judge president and banking executive Thabani Jali as its independent non-executive chairperson of the board of directors.

Thabani Jali has been appointed as chairperson and independent non-executive director; Tom Boardman as deputy chairperson and non-executive director; and Philip Wessels as independent non-executive director.

TymeBank board has been led by Coenraad Jonker as acting chairperson. He will remain on the board as a non-executive director.

African Rainbow Capital (ARC) is the majority shareholder in TymeBank and currently holds a 73% interest. Other shareholders include the founders and employees of the bank.

Read: South Africa’s digital bank TymeBank on track to hit 1 million customers in 2019

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TymeBank CEO steps down