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Kenny Fihla, a seasoned banking executive, has stepped down from his role at Standard Bank to take over as Group Chief Executive Officer (CEO) of Absa Group.
His appointment, pending regulatory approval, will officially commence on June 17, 2025.
Fihla has been a key figure at Standard Bank since 2006, holding several leadership positions, including CEO of Corporate and Investment Banking (CIB) and Deputy CEO of Standard Bank Group.
Under his leadership, the CIB division saw a remarkable expansion, doubling its headline earnings to R20.5 billion between 2017 and 2024, achieving an annual compound growth rate of 8.6%.
Standard Bank confirmed that Fihla’s tenure will conclude on June 13, 2025, with the bank currently outlining its strategy for appointing a successor.
“Kenny has been instrumental in shaping our investment banking success. We extend our gratitude and best wishes as he embarks on this new opportunity,” the bank said in a statement.
At Absa, Fihla is set to replace interim CEO Charles Russon, who has been overseeing operations following the exit of former CEO Arrie Rautenbach.
Russon will remain in his position until June 16, 2025, before transitioning into a senior executive role within the bank.
Expressing his excitement about his new position, Fihla stated, “Leading Absa at this pivotal moment is a great privilege.
I look forward to collaborating with the team to drive innovation and expand our influence across the continent.”
Absa Group’s Chairperson, Sello Moloko, lauded Fihla’s appointment, emphasizing his vast experience and strategic insights.
“Kenny’s extensive knowledge of corporate banking and his leadership expertise make him the ideal candidate to drive Absa’s long-term growth,” Moloko remarked.
Fihla’s transition comes at a dynamic period for Africa’s financial sector, with banks focusing on digital transformation and expanding financial inclusion.
His tenure at Absa is expected to introduce fresh strategies aimed at fortifying the bank’s market position.
Market analysts believe Fihla’s deep-rooted expertise in corporate finance will be crucial in shaping Absa’s future.
“His ability to foster innovation and lead high-performing teams will be instrumental in taking Absa to the next level,” said financial expert Thabo Mbele.
With the countdown to his new role underway, industry observers will be keen to see how Fihla steers Absa’s operations and navigates Africa’s competitive banking landscape.
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