The Land and Agricultural Development Bank of South Africa has appointed Ayanda Kanana as its new CEO - this after ratings agency Moody's flagged the lack of a permanent CEO as cause for concern. The development finance institution made the announcement on the JSE Stock Exchange News Service this Monday. Kanana's appointment will be effective from March 1.
Kanana, a qualified chartered accountant, has "in depth knowledge" of the agricultural sector and is the current CEO of the Johannesburg Fresh Produce Market, according to the Land Bank's notice.
He is also chairperson of the audit and risk committee of the East London Industrial Development Zone. "Ayanda is passionate about agriculture, in particular the development of emerging farmers," the notice reads.
The bank said that Kanana has won multiple awards, the most recent one being from the Association for the Advancement of Black Accountants of Southern Africa for being the 2019 Public Sector CEO of the year.
The Land Bank has been without a permanent CEO since December 2018, after Tshokolo Nchocho moved to the Industrial Development Corporation. Konehali Gugushe, who was the chief risk officer of the bank, served as acting CEO since May 2019 before resigning in January. Sydney Soundy, the executive for strategy and communications, has been holding the fort following Gugushe's resignation.