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Group Chief Executive Officer of Africa’s largest bank, Standard Bank, Jacko Maree has retired after serving in that capacity for 13 years.
Meanwhile, the bank has named Sim Tshabalala and Ben Kruger as joint CEO of the group.
Mr Maree retired March 7, 2013 following a carefully planned management succession process, Standard Bank said in a statement.
He is said to have worked with the bank for over 32 years so “Jacko’s skills and talent will not be lost to Standard Bank as he will remain employed by the group as a senior banker focusing on key client relationships while not performing an executive or managerial role.”
Maree became CEO of the Group in 1999.
“The board expresses its deep appreciation to Jacko for his substantial contribution to Standard Bank over a career of more than 32 years, and is delighted that his skills will remain within the group, Standard Bank Group Chairman, Fred Phaswana said.
“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 R30 billion to R190 billion,” Phaswana added.
Jacko’s career at the bank started in 1980 when he joined the Corporate Finance Department of Standard Merchant Bank (SMB). He was appointed Managing Director of SMB in 1991 and then Managing Director of the newly formed Standard Corporate and Merchant Bank in 1995.
He was appointed Chief Executive of the Standard Bank Group in 1999 at the height of one of the most serious challenges that Standard Bank had ever faced – the hostile takeover bid by Nedcor.
After Jacko saw off the hostile takeover, he set about re-energising the organisation by providing clear strategic direction and focus.
In 2004 Jacko was one of the principal architects of the Financial Sector Charter, which had as its vision to promote a transformed, vibrant and globally competitive financial sector.
During his career, Jacko has received numerous peer accolades and awards. In 2004 he received the Wits Business School Annual Management Excellence award.
In 2010, the Financial Times named Jacko as one of the 50 emerging market business leaders who have helped shape the economic performance of their respective regions.
Forbes Magazine also named Jacko as one of the 20 most powerful people in African business in 2012.
By Ekow Quandzie