Fired bank CEO bounces back to office

Mary Papayya

Mary Papayya

Ithala Bank chief executive Ike Nxedlana is back in office after being fired for only one day.

He said on Wednesday that he was fired last Thursday and reinstated the following day.

He confirmed that a turnaround by the board that fired him meant he was "back in his job for now".

The exact reasons for Nxedlana's dismissal is still not known.

Nxedlana refused to be drawn into revealing the reasons for his controversial dismissal.

"I was fired last Thursday," he said. "I cannot say why but for now I am back in my office.

"Negotiations are under way and are likely to lead to an amicable solution for me and the board.

"We have also decided that we will limit media interaction and that I will carry on with my work until further notice."

Nxedlana took over at Ithala from Sipho Nyembezi, whose term expired in March.

"I'm passionate about my job," he said. "I'm especially committed to the economic support we provide for historically disadvantaged individuals."

When contacted board chairman Manana Nhlanhla said she would comment later.

Ithala's chief executive and nine non-executive board members report to KwaZulu-Natal MEC for finance and economic development Zweli Mkhize.

Mkhize said: "There were some work-related tensions between him and the board but these have now been resolved."