Maria Ramos will retire from Absa Group and Absa Bank at the end of February 2019.
She has been group chief executive for 10 years and led the group through the aftermath of the global financial crisis and the acquisition of Barclays Africa subsidiary banks in 2013.
According to a statement from Absa, Ramos had indicated a desire to step down earlier, but agreed to see the group through the separation negotiations with Barclays, the ensuing sell-down and key separation milestones, including the refresh of Absa’s brand identity.
She has chosen to retire when she turns 60 in February and is eligible to do so.
The baards have appointed René van Wyk as the Absa Group and Absa Bank interim chief executive with effect from 1 March 2019.
Van Wyk has been an independent non-executive director on the Boards since February 2017. He was previously the registrar of banks at the South African Reserve Bank, retiring from that position in
May 2016.
He had 19 years of experience with Nedbank, including as executive director of risk for the then-listed Nedcor Investment Bank. He was also CEO of Imperial Bank.
Van Wyk will remain on the boards and will be classified as an executive director with effect from 1 February 2019. With immediate effect, he will no longer chair the risk and credit committees, which will be chaired by Mark Merson, who is an independent non-executive director on the Absa Group Board. He will remain a member of these committees in his capacity as executive director and will join other committees commensurate with the role.