Concern in agriculture sector over Land Bank CEO Rikhotso’s resignation

The resignation of Land Bank CEO Themba Rikhotso announced a few days ago was greeted with shock and surprise from the agriculture sector. The resignation of Land Bank CEO, Themba Rikhotso, announced on Friday, has been met with shock and concern across South Africa’s agricultural sector, with industry leaders warning that uncertainty at the institution could have far-reaching consequences for farmers and food security. Land Bank confirmed that Rikhotso, who joined the development finance institution on 1 April 2023, will remain in its employ for the duration of his notice period, which runs until the end of April.

In a statement, the bank said Rikhotso will be taking up a role at another South African banking institution. The bank saidRikotso assumed leadership during a particularly challenging period and provided steady and focused leadership during a critical phase of its stabilisation. “Under his tenure, the Bank achieved notable progress in its turnaround programme, including conclusion of the liability solution, undertaken in close collaboration with the Bank’s lenders and with the support of the National Treasury,” the bank said.

“These efforts have contributed meaningfully to the process of strengthening the Bank’s financial position and its operational resilience.” However, an industry expert, who asked not to be named, on Monday said Rikhotso’s resignation comes amid growing legal uncertainty surrounding the bank’s standing to pursue liquidations against farmers. “These claims have underpinned its aggressive recovery tactics, including the liquidation of hundreds of farmers,” he said.