Discovery Bank CEO steps down just over a year after its launch

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Discovery's headquarters in Sandton (Boogertman and Partners)
Discovery's headquarters in Sandton (Boogertman and Partners)

Barry Hore, who has led the process of building Discovery Bank, has stepped down as CEO after the digital bank was launched last July. 

Discovery announced on Thursday that he will be succeeded by Hylton Kallner after the digital bank, which has seen its first full year of operations with over 500,000 accounts and R5 billion in retail deposits, completed its build and migration phase. 

"Over the past five years, Barry has led the build of the Bank from the ground up, culminating in the public launch and completion of the migration of the Discovery Card portfolio from FNB," Discovery Group CEO Adrian Gore said in a statement.

Hore said he felt privileged to have helped in creating and building the bank. 

"I would like to thank the incredible team that has supported me in this journey and feel confident that I am able to leave at this point, having built the strong foundations of a uniquely disruptive banking capability." 

Gore said Kallner will "leverage" his experience as CEO of the SA businesses to take the bank forward. 

"His experience in the conceptualisation and operation of the original Discovery Card and more recently overseeing the provision of core Group services to Discovery Bank, add to the competencies gained in his decade as the group’s Chief Marketing Officer."

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