Standard Bank Names Former Eskom CEO Thulani Gcabashe Chairman

Standard Bank Group Ltd. said Thulani Gcabashe, the former head of South Africa’s main electricity provider, will replace current Chairman Fred Phaswana at the end of this month.

Gcabashe, 57, has been an independent non-executive director of Standard Bank since 2003, Africa’s largest lender by assets said in a statement Thursday. Phaswana, 70, is due to retire at the Johannesburg-based bank’s May 28 annual general meeting.

Gcabashe was chief executive officer of Eskom Holdings SOC Ltd. for seven years until 2007, a year before South Africa was forced to implement rolling blackouts because of a lack of power generating capacity. He will step down as chairman of Imperial Holdings Ltd., owner of South Africa’s largest car-dealer network, at the AGM on Nov. 3, Johannesburg-based Imperial said in a separate statement Thursday.

Gcabashe is currently chairman of BuiltAfrica Holdings and MTN Zakhele and a non-executive director of Togo Invest. He will review these positions, according to Standard Bank.

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