Sunday, June 23, 2024

How Masupe almost lost the Stanchart top job

While news emerged this week that one of the local banks, Standard Chartered Bank Botswana has once again localised its top post by appointing Mpho Masupe its Chief Executive, it has also been revealed that the bank’s regional CEO for Africa and Middle East Sunil Kaushal had thought otherwise. 
While breaking the news of the appointment of Masupe early this week, insiders at the bank said that Kaushal, following the departure of former Stanchart CEO – Moatlhodi Lekaukau, drew a succession plan for Botswana which Masupe was not part of initially. 

Insiders pointed out that Kaushal, had ear-marked Sonny Zulu, based in Zambia as Head of Retail for the Stanchart Botswana plum post. 
“The bank had already announced in Zambia that Zulu will leave Zambia to go and head another subsidiary elsewhere but did not mention Botswana at the time”, said the source. 

Sunday Standard has also established that Bank of Botswana (BoB), which regulates local commercial banks, objected the recommendations to have the post delocalized. 

BoB had previously cautioned local commercial banks to avail opportunities and scope for qualified and experienced Batswana to be appointed to senior positions. 

The decision to shun Zulu by BoB is said to have not settled well with the Bank’s regional office which went as far as lodging an unsuccessful appeal with the central bank. 

Following the unsuccessful bid to appoint Zulu as Lekaukau’s replacement, Stanchart board led by Professor Bojosi Otlhogile then made a decision to go back to the drawing board and cast the net to look for local talent to lead the over 100 years old bank. 
Masupe has been acting as Stanchart CEO since April 2017 following the departure of Lekaukau in March 2017 and has been responsible for the overall financial management of SCBB’s operations whilst partnering with the businesses to ensure that the country meets its budget targets and is positioned for long term growth. 

He regarded as a seasoned professional with over 18 years experience in mining Finance at Debswana Diamond Co. and Morupule Colliery.
“We are confident that his leadership of this business in Botswana will be to the benefit of the organisation and indeed continue to build on Standard Chartered Bank’s strong relationship with Botswana,” Otlhogile stated this week as the board confirmed his appointment as substantive CEO. 


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