TymeBank chief executive Sandile Shabalala is leaving the company, the group said in a statement on Tuesday (25 June).<\/p>\n
Shabalala is leaving for personal reasons, it said, to spend more time with his family.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
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.<\/p>\n
The group said it was working hard to continue onboarding 20,000 to 30,000 new customers each week.<\/p>\n
“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.<\/p>\n
Tauriq Keraan, deputy CEO of TymeBank, will manage the transition period alongside Shabalala until a new CEO has been appointed.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
TymeBank board has been led by Coenraad Jonker as acting chairperson. He will remain on the board as a non-executive director.<\/p>\n
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.<\/p>\n