The turbulence surrounding the departure of African Bank CEO Kennedy Bungane, the third under board chair Thabo Dloti, has raised questions about goings-on in the lender’s boardroom.
The bank has named Zweli Manyathi, head of the business and commercial banking unit, as interim CEO. Though he is a veteran of retail and business banking, Manyathi will be 65 in September — the bank’s retirement age, which means it may well have a fifth boss before the end of the year.
Still, the bank said it has a clear succession plan. “A core part of the board’s mandate is to ensure that a robust succession plan exists to ensure the approved strategy and objectives are executed, whilst our governance protocols are fully adhered to,” it said in a statement.
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