Land Bank appoints Jabu Mphambo as acting CEO after Rikhotso resignation

The Land and Agricultural Development Bank of South Africa (Land Bank) has confirmed the immediate appointment of Jabu Mphambo as acting CEO following the resignation of CEO Themba Rikhotso.

Last week, the bank announced Rikhotso's resignation after three years at the helm as he will be taking up a role at another South African banking institution. He will remain in the bank’s employ for the duration of his notice period, which runs until the end of April 2026.

Further details regarding the permanent CEO appointment process are expected to be communicated in due course.

The leadership change comes as the agricultural development financier continues to consolidate its recovery and growth trajectory following a period of restructuring and financial stabilisation.

In a statement on Tuesday, the board said the appointment of Mphambo is intended to ensure leadership stability and operational continuity during the transition period.

Mphambo joined Land Bank on 1 November 2024 as chief banking officer, where he has overseen a broad and integrated portfolio. His responsibilities have included client coverage, structured investments, commercial banking, legal, product development, client insights and distribution channels.

Since his arrival, he has been credited with strengthening operational discipline, sharpening execution capability and advancing the Bank’s enterprise-wide growth strategy.

The board said his familiarity with the institution’s strategy and operating model positions him well to guide the organisation during this interim phase.

"He brings more than 16 years of senior executive experience across banking and financial services, reflecting a strong combination of strategic leadership, operational execution, and rigorous investment management," said the board.

"Mr Mphambo has previously held senior positions at Standard Bank Corporate and Investment Banking, Absa, and Nutun."

His investment experience includes leadership in corporate finance, mergers and acquisitions, and distressed credit mandates. Over the course of his career, he has built sector exposure spanning banking, agriculture, mining, payments, building materials, advertising and diversified financial services — experience that aligns with Land Bank’s mandate to finance and support South Africa’s agricultural sector.

Mphambo is a Chartered Accountant (SA) and a CFA charter holder. He holds a Master of Business Administration from the Gordon Institute of Business Science, as well as a Bachelor of Business Science (Finance) and a Postgraduate Diploma in Accounting from the University of Cape Town.

In 2019, he was recognised as a finalist in the Top 35 CA(SA) Under 35 awards, highlighting his standing within South Africa’s financial and accounting community.

The board expressed confidence in Mphambo’s leadership capabilities and reaffirmed its commitment to stability, continuity and sustained progress at the bank.

Land Bank plays a pivotal role in South Africa’s agricultural value chain, providing development finance to commercial and emerging farmers. The leadership transition will be closely watched by stakeholders across the sector, particularly as the institution continues to balance its developmental mandate with financial sustainability.

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