South Africa's Standard Bank CEO steps down
Jacko Maree, 57, will leave after 13 years at the helm of the company, and will become a non-executive advisor.
"The board expresses its deep appreciation to Jacko for his substantial contribution to Standard Bank over a career of more than 32 years, and is delighted that his skills will remain within the group," the company said in a statement.
Sim Tshabalala, 45, and Ben Kruger, 53, have been appointed joint chief executives.
Maree had overseen a period of substantial growth for the company, and a refocusing on its African business.
The group has been scaling back or divesting from operations in Russia, Turkey, Argentina and Brazil.
On Thursday Standard reported the sale of Standard Bank Argentina helped push profits up 23 percent in 2012.
Net profit hit 16.5 billion rand ($1.8 billion) for the year.
Standard Bank expressed confidence that African markets would grow, even as its home economy of South Africa struggles.
"African economic growth rebounded in 2012 after popular uprisings and political unrest in North Africa brought overall growth down to 3.4% in 2011."
"Africa's high population growth and rapid rate of urbanisation, as well as its resource wealth and deepening financial sector, are some of the main pillars providing structural support for this counter-cyclical growth pattern."
MORE BUSINESS NEWS
Latest Photo Galleries on xinmsn
Caught between jihadists and the Tigris River, residents of one neighbourhood in a Sunni town in Iraq have taken up arms alongside security ... More Caught between jihadists and the Tigris River, residents of one neighbourhood in a Sunni town in Iraq have taken up arms alongside security forces and held out for months. Duration: 02:07
Date 16 mins ago, Duration 2:06, Views 0