Standard Bank co-CEO Ben Kruger steps down

Standard Bank has announced that Ben Kruger has stepped down from the role of joint-group chief executive with immediate effect, “following a carefully planned management succession process”.

Kruger remains an executive director of the company, reporting to the group chief executive, Sim Tshabalala who continues in the role of group chief executive of Standard Bank Group and chief executive of The Standard Bank of South Africa Limited, the bank said in a statement.

“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,” said group chairman Thulani Gcabashe.

“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.”

Kruger’s new role will include: Contributing to the governance of the group as a member of the group board; contributing to the leadership, management and governance of Africa Regions; guiding the continued digitisation of the group; deepening and broadening the group’s relationship with its strategic partner ICBC; helping with the management of the Group’s risks; and maintaining and building key client relationships.

Read: Standard Bank boosts profits despite South Africa’s economic woes

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Standard Bank co-CEO Ben Kruger steps down