Jacko Maree is currently the CEO of the Standard Bank Group, Africa’s largest financial services conglomerate. The $23 billion (market cap) behemoth operates in 33 different countries including South Africa, Nigeria, Turkey, Russia, Argentina and Jersey. Maree is also chairman of The Banking Association (S.A.) and is a former director of the International Monetary Conference. He has been named South Africa’s most trusted CEO at least 3 times.
Progress has been made with addressing important strategic issues in the bank, such as the selling of the Argentine interests, scaling down in London and expanding in Africa. That makes it a good time to pass the baton to [joint CEOs] Sim [Tshabalala] and Ben [Kruger]. Younger managers should not feel there is a ceiling to promotion. I have been CEO for 13 years.
In the CEO succession stakes, spare a thought for the next in line. Whoever it is hardly ever looks as good or as suitable as the one departing. The board of directors has to manage what turns out to be a fraught process because there is rarely an ideal candidate. No matter how carefully the long-term succession plan has been put in place, and no matter how much is invested in the preparation of the next in line, the final result is, increasingly, a somewhat unsatisfactory compromise.
VENTURES AFRICA – Standard Bank Group, Absa Group, FirstRand, Investec and Nedbank are the five biggest banks in Africa, with a combined asset base of $535 billion. Yet how much is really known about the CEOs that run these African powerhouses? Ventures Africa takes a look at the five biggest CEOs in African banking.