Publication Date: 15/12/2017

The appointment of Lungisa Fuzile as CEO of Standard Bank South Africa imparts additional strong leadership and world-class credentials to the banking sector and is wholeheartedly welcomed.

This is a significant appointment. It provides impetus to the efforts by the sector to continue driving a clear commitment to the national transformation agenda. It goes a long way towards retaining and embracing the critical skills needed in our economy and society to support the contribution required for a national growth agenda.

While bolstering the private sector’s leadership credentials, his appointment serves as a warning in relation to government’s apparent inability to retain key talent in key departments, triggering a dire loss of institutional knowledge. This impacts directly on our country’s global competitiveness and deliver the levels of growth needed to address our economic situation.

It has become an urgent national priority for government to provide both policy and leadership certainty if we are to navigate a path to meaningful growth and shared prosperity. The national need must be prioritised over political agendas or we will only see further knowledge migrate from key state institutions to the private sector.

We look forward to working with Mr Fuzile in his new role and congratulate him on his appointment.