Land Bank CEO and director Phakamani Hadebe would relinquish his post when his contract expired in December, Land Bank chairperson Dr Ben Ngubane said on Thursday.
The bank was currently searching for a successor and has advertised the available post.
Finance Minister Pravin Gordhan and the Land Bank thanked Hadebe for his “sterling contribution” in strengthening the bank’s finances and directing the firm to steadier financial footing, following his entry as interim CEO in 2008.
Ngubane noted that mismanagement, fraud and corruption had placed the bank in a perilous state prior to Hadebe’s takeover.
Hadebe led a turnaround and stabilisation process at the bank.