African Bank announced on Wednesday that Brian Riley has informed the board that he intends to step down as chief executive of the group at the end of March 2018.
Riley joined African Bank as CEO designate on 1 May 2015 and assumed the role of CEO of the newly restructured group when the bank launched in April 2016.
He has accepted an invitation to remain on the board as a director from 1 April 2018.
Chairman of the African Bank group, Louis von Zeuner, said Riley was instrumental in refocusing and overseeing the establishment of the strategic platform for the group:
“We are pleased that he has accepted our invitation to remain on the board as a non-executive director after he steps down as CEO in March. This will enable the team to leverage his knowledge gained at African Bank as well as extensive knowledge as a seasoned banker,” von Zeuner said.
Riley said he was delighted with the progress the bank had made so far:
“Although my role will change from April next year, I remain convinced that the path we have chosen is the right one and more importantly, that we have the right people in place to achieve our ambitious goal be a highly respected South African retail bank.”
Riley’s potential successor, Basani Maluleke, was identified earlier in the year and was appointed onto the executive team in July.
Maluleke, an admitted attorney, has been a board member of the African Bank group since July 2015.
The bank said the process of inducting Maluleke has been underway over the past few months.
– By ANA