Land & Agricultural Development Bank of South Africa, or Land Bank, said Chief Risk Officer Konehali Gugushe has resigned as acting CEO.

Gugushe took over as acting CEO in May 2019 from Bennie van Rooy, who was named to the role after Tshokolo Petrus Nchocho resigned as CEO in December 2018. Gugushe will continue in her role as chief risk officer until March.

Meanwhile, Sydney Soundy will take over as acting CEO, effective immediately. She currently serves as an executive for strategy and communications at the South African lender.

The bank said the process to appoint a permanent CEO is at an advanced stage.