Standard Bank executive director and former joint-CEO Ben Kruger has announced that he will retire at the end of 2018.
Kruger will turn 60 in May 2019, which is Standard Bank’s retirement age for executives. At his request, the bank agreed to move his retirement date forward by a few months.
“Upon his retirement, in line with SARB directives on composition of boards, Ben will step down from the boards of Standard Bank Group and The Standard Bank of South Africa Limited,” the group said.
He will continue to serve as a non-executive director on the boards of directors of Stanbic IBTC in Nigeria and ICBC Standard Bank Plc.
Kruger has been at Standard Bank for 33 years, and has been an integral part of the group’s leadership team since joining the group executive committee in 2000.
From 2013 he served as a joint group chief executive alongside Sim Tshabalala until he stepped down from this role in September 2017, continuing to serve as an executive director.
“Ben has exemplified selfless leadership and living the group’s values. We are immensely pleased that the group will continue to benefit from his wealth of banking experience and wisdom with Ben continuing to serve on two of the group’s subsidiary boards of directors”, said group chairman, Thulani Gcabashe.
Kruger will retire on 31 December 2018.