The Land and Agricultural Development Bank of South Africa has announced the resignation of its Chief Executive Officer, Themba Rikhotso.

The bank says Rikhotso will be joining another local banking institution.

Rikhotso, who took the helm at Land Bank on 1 April 2023, will remain with the organisation through his notice period until the end of April 2026.

Leadership During Challenging Times

The bank said in a statement the CEO’s tenure coincided with a particularly challenging period for the state-owned development finance institution. “During his time at the organisation, Rikhotso provided steady leadership through a critical stabilisation phase.”

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Under his guidance, Land Bank says it has achieved significant progress in its turnaround programme. A key milestone was the conclusion of a liability solution, developed through close collaboration with the Bank’s lenders and with support from the National Treasury. These efforts have strengthened the Bank’s financial position and operational resilience.

Board Recognition

Land Bank Board Chairperson Mcebisi Skwatsha expressed the Board’s appreciation for Rikhotso’s contributions.

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

Ensuring Continuity

The Board has emphasised its commitment to maintaining momentum in executing the Bank’s strategic objectives. Processes are already underway to ensure leadership continuity and organisational stability.

The institution has indicated that further communication regarding interim and transitional arrangements, as well as future executive appointments, will be shared in due course.