Themba Rikhotso resigns as CEO of Land Bank

The Land and Agricultural Development Bank of South Africa (Land Bank) has confirmed the resignation of CEO, Themba Rikhotso, who will be taking up a role at another South African banking institution.

Rikhotso joined the Land Bank on 1 April 2023 and will remain in the bank’s employ for the duration of his notice period, which runs until the end of April 2026. He holds a BCom degree and an MBL, and has completed executive development programs at both GIBS and Wharton.

He assumed leadership during a particularly challenging period for the Land Bank as the bank had experienced serious liquidity challenges after failing to repay about R50 billion maturing loans.

However, Rikhotso provided steady and focused leadership during a critical phase of the bank’s stabilisation. Under his tenure, the bank made notable progress in its turnaround programme, including the successful conclusion of the liability solution.

This process was undertaken in close collaboration with the bank’s lenders and with the support of the National Treasury, and has contributed meaningfully to strengthening the bank’s financial position and operational resilience.

“On behalf of the board, we extend our sincere appreciation to Mr Rikhotso for his commitment, leadership, and valuable contribution during his tenure at Land Bank,” said Mcebisi Skwatsha, chairperson of the Land Bank board. 

“We take this opportunity to wish him every success in his future endeavours.”

The Land Bank supports agricultural development. It provides tailored financial services, including credit for land, equipment, and production, to both commercial and emerging farmers, aiming to foster an inclusive, sustainable, and productive agricultural sector.  

The board reaffirmed its commitment to maintaining momentum in the execution of the bank’s strategic objectives. It said processes were underway to ensure leadership continuity and organisational stability, and further communication regarding interim and transitional arrangements, as well as future executive appointments, will be shared in due course.

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