The woman who ran one of Africa’s biggest banks for nearly a decade – now worth R150 billion

Maria Ramos served as the CEO of Absa for a decade, with the bank seeing a series of leadership changes since her departure.

Ramos became the CEO of Absa, Barclays Africa Group Limited at the time, in March 2009 and was responsible for managing the group’s operations across 13 African countries while serving over 15 million customers.

Ramos remained CEO after London-based Barclays PLC reduced its shareholding in the bank to 14.9% in late 2017, which saw the group change its name back to Absa in 2018.

Before joining Absa, Ramos had several roles in the public sector.

She served as the Director General of National Treasury from 1996 to 2003.

She then served as the CEO of state-owned freight transport and logistics service Transnet for five years until taking the reins at Absa.

During her time in the Treasury, she played a key role in turning it into one of the most efficient state departments in the post-Apartheid administration.

Her time at Transnet saw a massive financial, cultural and operational turnaround, something which the SOE is in dire need of.

She had a completed academic background, having obtained an Institute of Bankers’ Diploma (CAIB) in 1983.

She then received a Bachelor of Commerce from the University of the Witwatersrand (Wits) in 1986, a Bachelor of Commerce Honours in Economics from Wits in 1987 and a Master of Science in Economics from the University of London in 1992.

She also holds Honorary Doctorates from the Stellenbosch and Free State Universities.

On top of her academic awards, she was also named CNBC Africa Women Leader of the Year (2011), was awarded the Wits Business School’s Management Excellence Award (2010), and was named Sunday Times Business Business Leader of the Year in 2005.

After stepping down from Absa, she became AngloGold Ashanti’s chairperson in 2020. She did not stand for reelection in May of this year.

In the past, she has also served on the boards of Sanlam, Remgro and SABMiller.

Ramos currently serves on the board of Johan Rupert’s Richemont.

Leadership merry-go-round

Since Ramos’s departure from Absa, the group has seen a plethora of new CEOs.

Charles Russon took over as interim CEO of Absa Group in October, becoming the sixth CEO in as many years.

Russon replaces outgoing CEO Arrie Rautenbach, and will also be a member of the Group Risk and Capital Management Committee, Social Sustainability and Ethics Committee, Group Credit Risk Committee and the Information Technology Committee.

Russon joined Absa Capital in 2006 as CFO and has held several high-profile roles at the group, including Regional Head of Finance, Chief Operating Officer, and Chief Executive of Engineering Services.

Russon takes over from Rautenbach who will enter early retirement on April 15, 2025, serving a six-month gardening leave in the meantime.

Rautenbach’s early retirement comes amid a poor performance by the group, with headline earnings per share dropping by 5% to 1,228.4 cents in the first six months of 2024.

Following Ramos’ departure, René van Wyk took over as interim leader until 2020.

Former Reserve Bank Deputy Governor Daniel Mminele then took over as permanent CEO. However, he lasted just over a year following disagreements with the board over the bank’s strategic direction.

Finance Director Jason Quinn then took on the role on an interim basis until early 2022, when Rautenbach took over as captain:

• Maria Ramos – March 2009 to February 2019
• René van Wyk (Interim) – March 2019 to January 2020
• Daniel Mminele – January 2020 to April 2021
• Jason Quinn (Interim) – April 2021 to March 2022
• Arrie Rautenbach – March 2022 to October 2024
• Charles Russon (Interim)– October 2024 –

Absa is now on the hunt for its seventh CEO unless Russon takes on the role full-time.

Notably, Quinn and Mminele have jumped ship and joined Nedbank, serving as CEO and Chairperson, respectively.

Since Ramos’ departure,  Absa’s share price has struggled to see any growth amid the leadership struggles.

The group currently has a market cap of R153 billion – far below its competitors Standard Bank (R412 billion) and FirstRand (R437 billion).

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