The Standard Bank Group has increased its executive retirement age from 60 to 63 years, which is in line with the company’s non-executive retirement age.<\/p>\n\n\n\n
South Africa’s largest bank by assets under management said that increasing the normal retirement age for its executives forms part of its commitment to attracting and retaining top-tier talent.<\/p>\n\n\n\n
This change will take effect on 1 January 2026. All other employees\u2019 normal retirement age remains unchanged at 63 as well.<\/p>\n\n\n\n
The revised executive retirement age aligns Standard Bank with prevailing practices across the financial services industry, ensuring that the bank remains competitive in the global and local talent market.<\/p>\n\n\n\n
“It reflects the evolving nature of executive leadership and the increasing value of experience, continuity, and institutional knowledge in driving long-term growth and innovation,” said the bank.<\/p>\n\n\n\n
“This change also ensures that Standard Bank is not an outlier in a highly competitive market for key talent.”<\/p>\n\n\n\n
The bank noted that it constantly monitors local and international trends that impact the working world. One trend is a longer working life, as people are healthier, energetic and engaged for far longer.<\/p>\n\n\n\n
It added that it has diverse talent and a strong leadership succession pipeline, giving it a competitive advantage in meeting its financial targets and achieving its growth targets.<\/p>\n\n\n\n
The current Group CEO, Sim Tshabalala, is 57 years old, and the move will ensure that he no longer has to retire from the group in just over two years.<\/p>\n\n\n\n
Although the bank said it has a strong leadership succession pipeline, former Deputy CEO Kenny Fihla left the group earlier this year to take the top job at Absa.<\/p>\n\n\n\n
After Fihla also left his role as Standard Bank South Africa CEO, Tshabalala took over the local operations on top of his broader group responsibilities on an interim basis.<\/p>\n","protected":false},"excerpt":{"rendered":"
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