Johannesburg - Outgoing Standard Bank group CEO Jacko Maree has been a force of nature in the local banking and business communities, Business Leadership SA CEO Thero Setiloane said on Thursday.
"We hope that we will be able to continue to draw on his wisdom even in retirement," Setiloane said in a statement.
Standard Bank announced that Maree, 57, would step down on Thursday, after 13 years of service.
Sim Tshabalala, 45, and Ben Kruger, 53, had been appointed as joint chief executives with immediate effect.
Setiloane welcomed the appointment of Kruger and Tshabalala as joint CEOs.
"We have worked closely with Sim in building trust between business and government and are excited about what his and Ben's appointments mean for the future of business in South Africa."
In a statement, Standard Bank said: "Following a carefully planned management succession process, Mr Maree will retire as chief executive today, and resign from the boards of directors of Standard Bank Group, the Standard Bank of SA (SBSA) and Liberty Holdings."
Maree would remain employed by the group as a senior banker focusing on key client relationships, but would not perform an executive or managerial role.
"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 chairperson 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 R30bn to R190bn."
In their new positions, Tshabalala and Kruger would be held accountable and responsible, both jointly and severally, for the management and performance of the Standard Bank Group, the bank said.
Tshabalala would remain CEO of SBSA and take charge of the group’s banking businesses outside South Africa, on the African continent.
He would also take charge of the group’s wealth businesses, including responsibility for Liberty Holdings.
Simon Ridley, group financial director, would report to him.
Kruger would remain in charge of personal and business banking, and corporate and investment banking. He would remain chairman of Standard Bank Plc and also be responsible for the group risk function.
Chief operations officer Peter Wharton-Hood would be responsible primarily for IT and operations, and report to Kruger.
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