Development Bank of Southern Africa said Dec. 10 that the tenure for some of its nonexecutive directors will end Dec. 31.

The terms of chairman of the board of directors Jabu Moleketi, deputy chairman Frans Baleni, and board members Malijeng Ngqaleni and Martie van Rensburg are expiring. As of Jan. 1, 2019, the board will consist of 11 members with no impact on the continuation of its fiduciary obligations.

The bank's board has elected Mark Swilling as chairman to ensure continuity and smooth governance and reconstituted its subcommittees for effective distribution of members according to their skills.

Shareholders will decide on new appointments or reappointments to the board by the end of February 2019, the bank said.