Johannesburg - Standard Bank said Thulani Gcabashe, the former head of Eskom, will replace current chairperson Fred Phaswana at the end of this month.
Gcabashe, 57, has been an independent non-executive director of Standard Bank since 2003, the bank said in a statement on Thursday.
Phaswana, 70, is due to retire at the bank’s May 28 annual general meeting.
Gcabashe was CEO of Eskom for seven years until 2007, a year before South Africa was forced to implement rolling blackouts because of a lack of power generating capacity.
Eskom announced stage 1 load shedding earlier on Thursday.
READ: Eskom starts stage 1 load shedding
He will step down as chairperson of Imperial Holdings, owner of South Africa’s largest car-dealer network, at the AGM on November 3, Imperial said in a separate statement on Thursday.
Gcabashe is currently chairperson of BuiltAfrica and MTN Zakhele and a non-executive director of Togo Invest.
He will review these positions, according to Standard Bank.