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
17.38
(-0.05)
ZAR/GBP
22.72
(-0.10)
ZAR/EUR
20.56
(-0.12)
ZAR/AUD
12.45
(-0.12)
ZAR/JPY
0.16
(-0.19)
Gold
1942.90
(+0.07)
Silver
26.42
(+0.07)
Platinum
941.16
(+0.46)
Brent Crude
44.74
(-0.36)
Palladium
2104.73
(+0.41)
All Share
57077.48
(-0.60)
Top 40
52737.48
(-0.65)
Financial 15
10156.41
(-0.69)
Industrial 25
75107.47
(-0.84)
Resource 10
58926.78
(-0.40)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1010 votes
It depends on how the funds are used.
74% - 6767 votes
No. We should have gotten the loan elsewhere.
16% - 1428 votes
Vote