News24 | Standard Bank hikes retirement age for execs

Sim Tshabalala, CEO of Standard Bank Group, turns 58 in December.

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Standard Bank has hiked its retirement age for executives from 60 to 63 years.

All other employees still have to retire at 60, the group said.

“This change forms part of the group’s ongoing commitment to attracting, retaining, and nurturing top-tier talent.”

In April this year, the bank’s 58-year-old deputy CEO Kenny Fihla resigned to take up the CEO role at Absa, where the executive retirement age is already 63.

Standard Bank’s CEO, Sim Tshabalala, turns 58 in December.

READ | Absa's CEO scoop a win, say analysts — but where does this leave Standard Bank?

Earlier this year, Nedbank increased its official executive retirement age from 60 to 63.

“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,” the bank said in a statement.

“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. This change also ensures that Standard Bank is not an outlier in what is a highly competitive market for key talent.”

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