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.

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