Standard Bank Group Ltd. (SBK.JO) said Tuesday Liberty Chief Executive Thabo Dloti is leaving following a difference of opinion with the board on the immediate focus of the company, at a time when the organization is facing tough operational and environmental challenges.
Africa's largest bank by assets said Mr. Dloti believes that given this environment, alignment among key stakeholders is imperative to ensure the effective execution of the strategy required to drive the company forward.
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However, Standard Bank said the alignment, coupled with the ability to act decisively, is in the best interests of the company.
"Given Liberty's importance as an institution to the Standard Bank Group, our ongoing priority is to enable the company to achieve its growth by focusing on a short-term recovery plan and a longer-term strategy to reinforce its competitiveness. Liberty remains a fundamentally sound business and Standard Bank is confident of Liberty's long-term profitability, competitiveness and sustainability," says Chief Executive Sim Tshabalala.
Standard Bank has now appointed David Munro Chief Executive Officer of Liberty.
The bank also said it has appointed Kenny Fihla, the current deputy chief executive and head of client coverage CIB, Chief Executive CIB, with immediate effect.
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(END) Dow Jones Newswires
May 30, 2017 01:50 ET (05:50 GMT)