Standard Bank Namibia board in fight over succession

Standard Bank Namibia (SBN) Board and Pindie Nyandoro, the bank’s Southern and Central Africa Chief Executive have reportedly clashed over a succession plan to replace the incumbent chief executive, Mpumzi Pupuma. Pupuma, a South African national will retire next year after heading the bank for seven years. Board sources say Nyandoro preferred Leina Gabaraane, who is, currently, the chief executive of Stanbic Botswana, to replace Pupuma without giving a chance to Namibian candidates. The Namibian has gathered that Pupuma was supposed to leave the post in June next year, after inducting the new chief executive, but is now expected to leave the country in January, six months earlier. Sources said Gabaraane was in Namibia last month to look for suitable schools for his children. But after strong opposition from the SBN Board to impose Gabaraane, the bank started advertising the post in the media last week. Sources also say the adverts are just a formality since Gabaraane has already been introduced to the bank’s top management as Pupuma’s replacement. Sources further allege that the board feels by appointing Gabaraane, the bank has disregarded Bank of Namibia’s guidelines and the government’s Namibianisation policy. “The position should have first been offered to Namibians within or outside the bank, white or black,” the board source said. SBN Board chairman Herbert Maier said advertising the position was not a formality and that it has not been offered to anybody. Although Maier said he was aware Gabaraane was in Namibia last month, he could not say why he was in the country. “The board has decided that the due process should be followed to find a suitable Namibian. Let me make it clear that we will follow this process. We plan to evaluate every candidate on merit,” said Maier, declining to comment whether the Namibian board members and Nyandoro had differences on the choice of the new chief executive. Efforts to contact Nyandoro through her Namibian and South African offices failed. The nine-member board is made up of Nyandoro, Natasha Bassingthwaighte, Birgit Eimbeck, Martha Namundjebo-Tilahun, Herbert Maier and Jeremiah Muadinohamba, Beronice Hans, Ndapewa Hamunime and Pupuma.