The Land and Agricultural Development Bank of South Africa has appointed Jabu Mphambo as acting chief executive with immediate effect following the resignation of Themba Rikhotso. Rikhotso will remain with the institution until the end of April 2026 to serve out his notice period after accepting a position at another South African banking group.
The leadership change comes at a critical juncture for the state-owned agricultural financier, which has been rebuilding its balance sheet and governance framework after years of financial strain. Land Bank entered default in 2020 after missing debt repayments, prompting a government-backed restructuring process. The turnaround strategy has focused on restoring lender confidence, restructuring debt obligations and strengthening credit risk controls to support the agricultural sector.
Mphambo joined the bank in November 2024 as chief banking officer and has overseen a broad portfolio that includes client coverage, structured investments, commercial banking, legal and product development functions. The board indicated that his appointment is intended to maintain operational continuity and leadership stability during the transition period, citing his familiarity with the bank’s strategy and operating model.
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With more than 16 years of senior executive experience in banking and financial services, Mphambo is expected to steer the institution through its next phase of consolidation. The bank plays a central role in financing South Africa’s agricultural economy, which contributes roughly 2.5% to GDP directly but supports a wider agro-processing value chain that accounts for a significantly larger share of employment and export earnings.
The board has signalled that details of the permanent chief executive appointment process will be communicated in due course. The interim leadership arrangement is positioned as part of efforts to safeguard strategic momentum as the bank seeks to strengthen capital adequacy, expand developmental lending and rebuild market confidence.