JOHANNESBURG, March 17 (Reuters) – South Africa’s Absa Group on Monday named former Standard Bank South Africa chief Kenny Fihla as its new CEO, effective June 17.

Fihla joined Standard Bank Group in 2006 and has held numerous senior roles, including that of Chief Executive Officer of its corporate investment banking (CIB) unit, Deputy Chief Executive Officer of Standard Bank Group and CEO Standard Bank South Africa.

“Under his guardianship as Chief Executive from 2017 to 2024, CIB doubled its headline earnings to 20.5 billion rand and achieved a compound annual growth rate of 8.6%,” Standard Bank said in a separate statement.

Charles Russon remains the interim CEO of Absa Group and Absa Bank until June 16. Russon will work with Fihla to ensure a smooth leadership transition, thereafter he will take a key senior role within the group executive committee, Absa said.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Mrigank Dhaniwala and Louise Heavens)