Absa CEO Maria Ramos to retire
Absa Group has announced that its long-standing CEO Maria Ramos will be retiring.
She will step down at the end of February 2019.
Ramos has been CEO of the group for a decade, and has led the company through many significant milestones, including its acquisition by and subsequent unbundling from Barclays PLC.
“Ramos had indicated a desire to step down earlier, but agreed to see the group through the separation negotiations with Barclays PLC, the ensuing sell-down and key separation milestones, including PLC achieving regulatory deconsolidation and refreshing Absa’s brand identity,” the group said.
“With the separation on track and our new strategy as a standalone financial institution in place, Maria feels that this is the right time to retire. She has chosen to retire when she turns 60 in February and is eligible to do so.”
The Absa Group and Absa Bank boards have appointed René van Wyk as the Absa Group and Absa Bank interim chief executive with effect from 1 March 2019.
Van Wyk has been an independent non-executive director on the boards since February 2017, and was previously the Registrar of Banks within the South African Reserve Bank until May 2016.
He also has 19 years of experience with Nedbank, including as executive director of risk for the then listed Nedcor Investment Bank. He was also chief executive officer of Imperial Bank.
According to Absa, Van Wyk will remain on both boards and will be classified as an executive director with effect from 1 February 2019. With immediate effect, he will no longer chair the risk and credit committees, which will be chaired by Mark Merson, who is an independent non-executive director on the Absa Group Board.
Van Wyk will remain a member of these committees in his capacity as executive director and will join other committees commensurate with the role, the bank said.
Absa said it will announce a permanent appointment to the position of group chief executive following the conclusion of a ‘rigorous selection process’ and the requisite regulatory approvals.
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