Gayton McKenzie accused of not understanding fashion industry after his meeting with Shein
Fashion designer David Tlale said he doesn’t think Gayton McKenzie understands the complexities of the clothing and textile industry.
Tshabalala, one of corporate South Africa's best-known figures, will not be subject to a recent bank decision to raise the retirement age for his executives to 63 years from 60 currently, following a review.
He, and Chief Financial Officer Arno Daehnke, are expected to retire towards the end of 2027, Standard Bank, Africa's largest by assets, said in a statement.
The bank reported headline earnings of 23.8 billion rand ($1.36 billion) for the first half of 2025, up 8% from 22 billion rand a year earlier, while its return-on-equity improved to 19.1% from 18.5%.
Shares jumped more than 5% in early trade to hit an all-time high before paring back gains to about 3% by 1230 GMT.
The bank’s financial results were “solid” and the timeframe for Tshabalala’s departure gave “a lot of time for transition,” said Shaun Murison, senior analyst at wealth manager and securities broker Rand Swiss.
Murison said that South African banks were currently offering a high yield and relative value in the local market.
The Johannesburg Stock Exchange's All-share Index has repeatedly hit record highs this year, bolstered by factors like rising global gold prices and a view held by some investors that the South African economy is in better shape than official data suggested.
Tshabalala has served as CEO of Africa's biggest bank by assets since 2013, while Daehnke has been CFO since 2016.
