SOUTH Africa’s Rand Merchant Bank, one of the country’s four main banking groups, said this week that Michael Pfaff had been appointed chief executive officer in place of Paul Harris. Pfaff, 39, is a chartered accountant with more than 10 years of experience in investment banking who had joined RMB in 1997. Harris, 50, would retain his chairmanship of RMB and his role as CEO of FirstRand Bank, the banking interests of the FirstRand group. This would be the first time the post of RMB CEO would be held by someone other than one of the group’s four founding members, the statement said. – Reuters