The Land Bank has announced the appointment of Themba Rikhotso as its new chief executive effective Saturday, 1 April 2023. His appointment was confirmed by cabinet yesterday after a selection process.
Rikhotso brings extensive experience in financial services to the position, with a strong focus on corporate and retail banking, as well as funding agricultural projects across the continent of Africa.
The Land Bank is a key institution in South Africa’s agricultural sector, providing loans to farmers and agribusinesses to support the development of the sector. However, in recent years, the bank has struggled with financial difficulties, corruption allegations, and mismanagement, resulting in a downgrade of its credit rating to junk status in 2019.
Khensani Mukhari, who had been serving as the acting CEO, is credited with stabilising the bank during a difficult period. Mukhari took over the position after the resignation of Ayanda Kanana, who had been at the helm of the institution for just over two years.
Rikhotso’s appointment comes at a critical time for Land Bank, as the institution seeks to recover from its financial difficulties and regain its position as a key player in the agricultural sector. His experience in the financial services sector, coupled with his expertise in funding agricultural projects, could prove invaluable in achieving these goals.
Rikhotso holds a BCom degree and an MBL, and has completed executive development programs at both GIBS and Wharton. He has held various leadership roles, including executive head of sales, transaction banking and investment banking at the Standard Bank Group and head of transactional banking at CFC Stanbic Bank Kenya.
The Land Bank board of directors expressed confidence in Rikhotso’s ability to lead the institution forward, saying: “The board wishes to extend a warm welcome to Mr Rikhotso as the new CEO of the Land Bank and expresses its gratitude to Ms Mukhari who has fulfilled the role of acting CEO since May 2022.”
The appointment of Rikhotso is hailed as a positive development for the Land Bank, and the institution will no doubt be hoping that he can bring the stability and leadership needed to steer the bank towards a brighter future. However, there is no doubt that there will be challenges ahead, particularly as the bank seeks to recover from its recent difficulties and re-establish its position in South Africa’s agricultural sector.
