Land Bank acting CEO resigns

(Photo: iStock)
(Photo: iStock)

Acting CEO of the Land and Agricultural Development Bank of South Africa, Kone Gugushe, has resigned, the board announced on Wednesday morning.

In a statement on the JSE Stock Exchange News Service (SENS), the Land Bank said Gugushe would be handing over the reins as Acting CEO directly but would not immediately be leaving the organisation.

Gugushe is also the bank's Chief Risk Officer (CRO), and will continue to serve in that role until March 31.

The search for a permanent CEO is ongoing. Gugushe was appointed acting CEO in May 2019, with former chief executive Bennie van Rooy having resigned to pursue personal interests.

"The process to appoint a permanent CEO is at an advanced stage, with an announcement expected in due course.

"In the meantime, Mr Sydney Soundy, who is currently the Executive for Strategy and Communications, has been appointed as Acting Chief Executive Officer with immediate effect," the bank said in its statement.

The board would be briefing investors in the coming weeks, the statement added.

ZAR/USD
16.76
(+0.26)
ZAR/GBP
21.12
(+0.46)
ZAR/EUR
18.99
(+0.05)
ZAR/AUD
11.69
(-0.08)
ZAR/JPY
0.16
(+0.50)
Gold
1807.42
(+0.42)
Silver
19.09
(+1.78)
Platinum
844.00
(+2.48)
Brent Crude
43.05
(0.00)
Palladium
1988.46
(+1.87)
All Share
56048.03
(+1.14)
Top 40
51734.82
(+1.14)
Financial 15
10621.72
(+1.43)
Industrial 25
76469.05
(+0.44)
Resource 10
53494.45
(+1.93)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1989 votes
I am taking a hit, but should be able to recover in the next year
23% - 2598 votes
My finances have been devastated
34% - 3876 votes
It's still too early to know what the full effect will be
25% - 2781 votes
Vote