JOHANNESBURG – Ben Kruger steps down as a joint
Group Chief Executive of Standard Bank with immediate effect, Group Chairman Thulani Gcabashe
said on Tuesday.
Gcabashe said Kruger would remain an executive director of the company, reporting to the group chief
executive. Kruger and Sim Tshabalala took up their joint roles in 2013,
following the retirement of Jacko Maree, who led the financial services group
for more than 13 years.
Tshabalala
continues in the role of group chief executive of Standard Bank Group and chief
executive of The Standard Bank of South Africa Limited.
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“The board
expresses appreciation to both Ben and Sim, who have successfully led the process
of refreshing the group’s strategy and managed complex challenges which faced
the group in several jurisdictions, while delivering respectable returns to our
shareholders”.
“The resounding
success of the joint-group chief executive structure is testament to the
group’s culture and values which include working in teams, respecting each
other and upholding the highest levels of integrity. Good momentum has been
achieved in the implementation of the group’s refreshed strategy,” said Gcabashe.
Gcabashe said the board
appreciates Ben’s selfless leadership and was pleased that he remains part of
the leadership team going forward.