Stanbic IBTC Bank founder Atedo Peterside has retired as a non-executive director of the lender.
Peterside announced his retirement on Monday on social media.
“Thank you @StanbicIBTC & @StandardBankZA. This has been an incredible 35-year journey that ends today, 10 June 2024. Every single day since 2 Feb 1989, I have been either the CEO, Chairman or a Bank Director. All good things must come to an end. I give God the glory at age 68,” he wrote.
The parent company, Standard Bank, in a filling at Johannesburg Stock Exchange (JSE) dated April 18, 2024, said that Xueqing Guan and Peterside would retire as directors after the annual general meetings (AGMs) of Standard Bank Group and The Standard Bank of South Africa Limited (SBSA).
The AGMs are scheduled for June 10, 2024 and May 23, 2024 respectively.
“Shareholders are advised that, in accordance with the provisions of paragraph 3.59(b) of the JSE Listings Requirements and paragraph 6.39(b) of the JSE Debt Listings Requirements, Dr Guan and Mr Peterside are required, in terms of the Memoranda of Incorporation of Standard Bank Group and SBSA, to retire by rotation at the respective companies’ AGMs,” the notice read in part.
Peterside was the founder and chief executive of the then Investment Bank and Trust Company Limited (IBTC) from 1989 until 2007.
He served as chairman of Stanbic IBTC Bank Plc from 2007 until September 2014 and chairman of Stanbic IBTC Holdings Plc from 2012 until March 2017.
Previously, he was the chairman of the committee on public companies’ corporate governance, which wrote the first Code of Best Practices for Public Companies operating in Nigeria (published 2003).
