TymeBank's CEO resigns for personal reasons

Sandile Shabalala (supplied)
Sandile Shabalala (supplied)

TymeBank announced on Tuesday that its Chief Executive Officer, Sandile Shabalala, had tendered his resignation for personal reasons, "the most important of which is to spend more time with his family".

Shabalala was in the position of CEO for close to three years.

"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," the bank's parent company African Rainbow Capital Investments Limited said in a notice to shareholders. 

The bank's board said it would announce the appointment of a new CEO "in due course subject to feedback from the Prudential Authority at the SA Reserve Bank". Shabalala will serve his notice period. Tauriq Keraan, deputy CEO of TymeBank, will manage the transition period alongside Shabalala until a new CEO has been appointed.

The bank also announced the appointment of three members of its board;

  • Thabani Jali as independent non-executive director and chairperson,
  • Tom Boardman as non-executive director and deputy chairperson,
  • Philip Wessels as independent non-executive director.
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