Standard Bank hikes retirement age for execs
• For more financial news, go to the News24 Business front page.
Standard Bank has hiked its retirement age for executives from 60 to 63 years.
All other employees still have to retire at 60, the group said.
'This change forms part of the group's ongoing commitment to attracting, retaining, and nurturing top-tier talent.'
In April this year, the bank's 58-year-old deputy CEO Kenny Fihla resigned to take up the CEO role at Absa, where the executive retirement age is already 63.
Standard Bank's CEO, Sim Tshabalala, turns 58 in December.
Earlier this year, Nedbank increased its official executive retirement age from 60 to 63.
'The revised executive retirement age aligns Standard Bank with prevailing practices across the financial services industry, ensuring that the bank remains competitive in the global and local talent market,' the bank said in a statement.
'It reflects the evolving nature of executive leadership and the increasing value of experience, continuity, and institutional knowledge in driving long-term growth and innovation. This change also ensures that Standard Bank is not an outlier in what is a highly competitive market for key talent.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News24
an hour ago
- News24
Fly away, Dick Foxton; your work is done
When someone passes away, there is a line that gets trotted out during tributes that it has largely lost meaning: 'He/she touched a lot of lives.' Then there are those times when it actually means exactly that. And more. This was the case with Richard Foxton, more commonly known as Dick or by the fun nickname Foxy. Foxton passed away at the weekend at the age of 82 after a life lived to the full. A veteran media man, he managed Newsweek's operations for nearly a decade during the early days of African independence. He shuttled between his beloved Nairobi and Johannesburg, the city he would later learn to love more than any other. Although born in India, he spent his formative youth years in Kenya, a period about which he had warm memories. Moving to South Africa in 1971, he joined the famed Group Editors, a public relations firm made up of some of Johannesburg's newsroom veterans. It grew to be one of the country's most influential communications companies, boasting blue chip clients who wanted the brains and experience housed under that roof. Ever the consummate networker, he was ready to branch off on his own by 1981 and launched Foxton Communicating. This lowly newspaperman often reminded him that the reason the business became so successful was that it was started in the year the great Tottenham Hotspur won the 100th edition of the FA Cup in a classic victory over Manchester City. It was in this role as the founder and head of Foxton Communicating that Foxton's larger-than-life persona became legendary. The business model was innovative. He represented chairmen (yes, that's what they were called), CEOs and most of the deputy CEOs as well. The uniqueness of the model was that he would connect the company leadership directly to editors so that they could get a picture of the state of play first-hand. Over long, liquid lunches, editors would also share their perspectives on how they saw the respective companies. At results time or when a crisis hit, a direct line had been established. Moreover, the editors had a better understanding of the headwinds and undercurrents affecting the business climate. But there was an added benefit for the CEOs: they were interacting with individuals who had the pulse of the nation and could get insights that would be useful in their strategic planning and in future interactions with government policymakers and decision-makers. Everybody was the winner: the editors and industry leaders got inside each other's heads and the facilitator obviously got his cheques. But, for Foxton, it was not just about a payday. He genuinely enjoyed connecting people and relished the conversations he was privy to, and he appreciated it even more when they were no longer dependent on him. His connections extended to the political sphere, stretching to the highest offices in the land, where he proffered his services and advice on a pro bono basis. His generous pro bono work also extended to causes he believed in, touching the lives of many. But it wasn't just his work that made Foxton the person who filled up the room with his personality; it was the gregarious, humorous raconteur in him that made him irresistible company. In a tribute to him in Business Day this week, the newspaper's former editor Peter Bruce fondly recalled that 'he was a fabulous name-dropper and he had really been around'. And around he certainly had been. If you have lived the life that he lived, you can be given a free pass on that so nobody begrudged the stories, which were often on repeat and delivered with such panache. Many were serious stories, some were cautionary tales and several were hilarious takes. The 'name-dropping' consisted of encounters with heads of state, ministers, sporting legends, religious leaders and corporate titans. Not many of us can regale others with stories from dinners, lunches or just audiences with figures as diverse as Nelson Mandela, Margaret Thatcher, Mother Teresa, FW de Klerk, George Matanzima, Harry Oppenheimer, Donald Bradman, Middle East royalty and global music stars. There would be jokes galore, also often told on repeat. But each time they were told, it would be just as funny as the first time. The liquids would flow forever, with Foxton encouraging willing and reluctant participants to have another, another and yet another. He colourfully encouraged his lunch partners to 'drink like monks at the end of Lent' or to 'drink like there's an army of bloodthirsty terrorists marching up the road'. Foxton would always talk about his children and grandchildren, and made a point of keeping up to date about yours. Close friend Khulu Mbatha wrote in City Press this week how he had always had stories about Lelo 3, Lelo 4 and Lelo 5. This was in reference to a little grandchild who updated her name according to her age. As anyone who interacted with Foxton would attest, no conversation would be complete without an ode to Thuli Madonsela, his life partner and absolute love of his life. To the rest of the world, she was the courageous former public protector and social justice activist, but, to Foxton, she was the summer rain that made his life verdant. Foxton never held high office in the public or private sector, but the life he lived had much impact on South African society. Most importantly, however, he was just a blerry nice guy. As we bid goodbye to this amazing South African, it is worth sending him off with the words of Bob Marley and the Wailers' song Rastaman Chant. 'One bright morning when my work is over Man will fly away home One bright morning when my work is over Man will fly away home Say one bright morning when my work is over Man will fly away home.' Your work is over now, Dick. You may fly away home to that sweet place called Paradise.
News24
3 hours ago
- News24
Standard Bank wins 10 awards at EMEA Finance Africa Banking Awards
Standard Bank, the biggest bank in Africa by assets, has won an impressive 10 awards at the 17th annual edition of the EMEA (Europe, Middle East and Africa) Finance Magazine Africa Banking Awards. The EMEA Finance Magazine Achievement Awards were recently held in London. Award winners are nominated by banks and their clients and chosen by the EMEA Finance editorial team. Standard Bank Corporate and Investment Banking was recognised across three categories, equity capital markets, taking five awards, three in mergers & acquisitions (M&A) and two in syndicated loans. These are inclusive of the Best M&A house in Africa accolades, two Best M&A deals in Africa for deals originated in Nigeria and East Africa, and the Best IPO in Africa Awards for the Boxer Retail deal. 'We are proud to be recognised across various categories for our innovative and client-led solutions. They reaffirm our commitment to sustainably growing the continent we proudly call home. 'This highlights the importance we place on aligning our purpose with action through innovative deals across the African continent,' says Luvuyo Masinda, Chief Executive of Standard Bank Corporate and Investment Banking. The Awards recognise the most notable transactions and the organisations behind them across a variety of markets, including debt and equity capital markets, loans, Islamic finance, structured finance and more. 'We will continue to strive to deliver innovative, exceptional service tailored to our clients' needs where they need them,' concludes Masinda.
Yahoo
3 hours ago
- Yahoo
Smart Home Devices Reach 45% of US Internet Households
The smart home market is maturing, with 45% of US households owning core devices. As the customer base diversifies, business leaders must evolve strategies for success. Our research, surveying 100+ IoT executives, explores market growth, business models, customer retention, AI integration, and more. Dublin, June 27, 2025 (GLOBE NEWSWIRE) -- The "Smart Home: Integration, Automation, and Control" report has been added to offering. The smart home market is maturing, with 45% of US internet households owning at least one core smart home device. The customer base is shifting to a more mass-market profile, new competitors continue to enter the market, and category leaders continue to push the envelope of innovation and value to keep their competitive edge. As the market matures, business leaders must adapt their product strategy, business models, and marketing messages for success. This research surveys more than 100 executives across the connected home and consumer IoT landscape to better understand their view of the market, changing business strategies, key metrics for success, and top challenges facing the market. Key questions addressed: Where is the growth in the smart home market today? What business models are most common, and which are most profitable? What are the best ways to acquire and retain customers? How is product marketing and merchandising changing as the market matures? How are solution providers incorporating AI? What will be the defining forces shaping the competitive landscape in the next three years? What are companies' outlook on industry standards efforts, including Matter? What are the greatest challenges facing consumer IoT businesses in the short and medium term, and what are the best strategies to tackle those challenges? Key Topics Covered: Executive Summary Business Expectation for 2025 vs. 2024 vs. 2023 Drivers of Positive 2025 Outlook Reasons for Challenged Outlook Connected Home Business KPIs % of Units Connected to Internet Engagement Frequency for an "Active" Customer Smart Product Benchmarks % of Businesses with Strategic Industry Partners How are industry partnerships most beneficial to your business? Top 10 Most Impactful Marketing Channels Drivers for User Engagement with Connected Devices Matter Standard Adoption % Using AI Internally % Using Consumer-Facing AI IoT Market Evolution Business Profile and Offerings Company Product Profile Business Models Employed Type of Connected Consumer Product Offered Types of Business Customers Served Revenue Models & Channels Revenue Models Employed for Connected Consumer Products and Services Business Model Most Impacting Profitability Services Offered in Connected Home Services Paid Service Subscription Adoption Paid Service Subscription Retain for 12 Months Price of Basic-Tier Smart Products Compared to Traditional Products Products Bundle with Smart Products Sales Channels of Connected Consumer Solution Return Rate of Smart Home Products Compared to Traditional Products Most Impactful Marketing Channel Business Strategic Partnership "In a few words tell us how industry partnerships are most beneficial to your business." Important Factors Influencing Vendor Selection Evaluating the User Experience Metrics Indicative of Successful Connected Consumer Products Engagement Frequency for an "Active" Customer Drivers for User Engagement with Connected Devices Average Percentage of Smart Product Units Connected to the Internet Effective Methods to Ensure Product Connecting Online Services Offered to Help Device Set-up and Installation Data Strategies & AI Products & Services Guided from User Generated Data Willingness to Pay Money for Insights Derived from User Data AI Usage in Organization AI Usage in Consumer Product and Service Business Strategy to Computing and Storage Technology Interoperability & Ecosystems Home Automation Standards, X10 to Matter Home Automation Standards Supported Challenges to Smart Home Interoperability Matter Standard Product Adoption "What factors do you believe will be most critical to Matter's success in the smart home ecosystem?" Attitudes Towards Tech Giants Business Outlook: 2025 and Beyond Business Expectation for 2025 vs. 2024 vs. 2023 Drivers of Positive 2025 Outlook Reasons for Challenged Outlook Business Challenges in the Future Goals for Connected Product Business in 2025 "What competitive advantages do you see as most critical for success in the smart home market?" Connected Home Market Growth Outlook: 2025-2028 For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
