Maree Jacko to hand over reins at Standard Bank

But stay on as senior banker

STANDARD Bank said Jacko Maree 57, has retired on Thursday, as Group Chief Executive of Standard Bank Group (SBG) with immediate effect after more than 13 years at the helm of Africa’s largest bank by assets, but will remain employed by the group as a senior banker focusing on key client relationships while not performing an executive or managerial role.

 

Sim Tshabalala, 45,  and Ben Kruger, 53, have been appointed joint Chief Executives of Standard Bank Group with immediate effect.

The company said that to take advantage of each of the joint CEOs’ skills, knowledge and talent, they would split the main duties.

Mr Tshabalala remains CEO of Standard Bank South Africa. He will take charge of the group’s African banking businesses outside South Africa. He will also take charge of the group’s wealth businesses, including responsibility for Liberty Holdings.

Simon Ridley, the group financial director, will report to him.

Mr Kruger will remain in charge of personal and business banking, and corporate and investment banking, and will remain chairman of Standard Bank plc. He will be responsible for the group risk function.

Peter Wharton-Hood, the chief operating officer responsible primarily for IT and operations, will report to him.

Mr Tshabalala, Mr Kruger and Mr Wharton-Hood will join the boards of Standard Bank Group with immediate effect.

"Under Jacko’s leadership, the Standard Bank share price has increased from R21 to R118, the dividend per share is up almost seven times, and the group’s market capitalisation has grown from R30bn to R190bn," group chairman Fred Phaswana said.

Mr Maree was at the helm of Standard Bank for more than 13 years.

Business day.