The Development Bank of Namibia (DBN) has announced the resignation of its Chief Executive Officer John Steytler, with immediate effect.

The Bank in a statement today said Steytler stepped down to pursue new interests and opportunities, marking the end of his tenure, which began in September 2023.

DBN Board Chairperson Evangelina Nailenge, expressed gratitude for Steytler’s leadership and contributions to the bank.

“Steytler has served as CEO since September 2023 and has made a marked impact on the Bank. We thank him for his service and dedication and wish him well in his future endeavors,” the press release reads.

The Board has since initiated the recruitment process for a new CEO and, in the interim, has appointed John Mbango, Head of Coverage and Large Transactions, as Acting CEO.

Mbango, an executive, will lead the bank until a permanent appointment is made.

Steytler, is a seasoned economist having previously served as a former Namibian presidential economic advisor and also served on various boards.