Africa's biggest lender Standard Bank names first black CEO

Sim Tshabalala who has been appointed the sole chief executive officer of Standard Bank Group.

Standard Bank Group Ltd appointed Sim Tshabalala as sole chief executive officer, ending a dual role he shared with Ben Kruger, and making him the first black person to lead Africa's largest lender independently. Kruger, 58, will step down as joint-CEO immediately and continue as an executive director, reporting to Tshabalala, 49, Johannesburg-based Standard Bank said in a statement Tuesday.

The joint leadership structure was necessary as part of the company's management succession plan when it was introduced in March 2013, the lender said. Tshabalala becomes the only black person to lead one of South Africa's biggest banks since Sizwe Nxasana retired as the head of FirstRand Ltd., the second-largest by assets, in March 2015.