STANDARD Bank said yesterday that Thulani Gcabashe, the former head of South Africa’s main electricity provider, would 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 yesterday. Phaswana, 70, is due to retire at the bank’s May 28 annual general meeting. Gcabashe was chief executive of Eskom for seven years until 2007, a year before South Africa was forced to implement blackouts because of a lack of power generating capacity. He would step down as chairman of Imperial Holdings, the owner of South Africa’s largest car-dealer network, at the annual general meeting on November 3, Imperial said yesterday. – Bloomberg
