Maria Ramos to step down as Absa CEO

Maria Ramos will retire as Absa Group CEO at the end of February, the financial services group said on Tuesday. Ramos has been at the helm for the past decade.

In a statement to shareholders, Absa said Ramos had wanted to step down earlier, but agreed to see through the group’s separation from Barclays.

Absa shares rose 2.9% by 9.41am on Tuesday.

Ramos led Absa through “significant milestones, including the aftermath of the global financial crisis and acquiring the Barclays Africa subsidiary banks in 2013”, the group said in the statement.

“She 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,” it 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.”

René van Wyk has been appointed as interim CEO with effect from 1 March 2019. Van Wyk has been an independent nonexecutive director since February 2017. He was previously the Registrar of Banks within the South African Reserve Bank and retired from that position in May 2016.

Van Wyk worked for 19 years at Nedbank, including as executive director of risk for the then-listed Nedcor Investment Bank. He was also CEO of Imperial Bank.  — (c) 2019 NewsCentral Media