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TymeBank CEO resigns

June 25, 2019 • Finance, People, Southern Africa, Top Stories

Sandile Shabalala steps down as CEO of TymeBank

Sandile Shabalala steps down as CEO of TymeBank

TymeBank CEO Sandile Shabala is stepping down from the position, according to a statement issued by the company on Tuesday, 25 June 2019. Shabalala held the CEO position for almost 3 years. TymeBank is South Africa’s first fully digital bank and is owned by African Rainbow Capital.

Shabalala is stepping down from the position citing personal reasons, including spending more time with his family. “He led TymeBank through its development phases and its public launch in February this year. Since launch, the Bank has acquired more than 400,000 customers and is well on its way to acquiring 500,000 by July this year,” African Rainbow Capital Investments Limited said in a notice written for shareholders.

TymeBank will announce a new CEO in the coming weeks, as ARC has said that they are waiting for feedback from the Prudential Authority at the South African Reserve Bank. Thabani Jali has been appointed as chairperson and independent non-executive director at TymeBank. Philip Wessels has also been appointed as an independent non-executive director. Tom Boardman, a former Nedbank CEO, has been appointed as deputy chair and a non-executive director at TymeBank.

Deputy CEO Tariq Keraan will manage the transition period until a new CEO is appointed.

Edited by Kojo Essah

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