Streaming issues? Report here
Lester Kieviet 2019 1500 BW 2
Tonight with Lester Kiewit
20:00 - 22:00
volume_up
volume_mute

Up Next: The Aubrey Masango Show
See full line-up
Tonight with Lester Kiewit
20:00 - 22:00
Home
arrow_forward
Business
arrow_forward
Local

Markets cheer as Maria Ramos unexpectedly retires as Absa Group CEO

29 January 2019 8:23 PM
Tags:
Pippa Green
Barclays Africa
Absa
Maria Ramos
Absa group
Wendy Lucas-Bull
Maria Ramos retirement
maria ramos retires
René van Wyk
Choice, not Fate: The Life and Times of Trevor Manuel
Choice not Fate: The Life and Times of Trevor Manuel
Wendy Lucas-Bull (Absa Group Chair) and Pippa Green ("Choice Not Fate: The Life and Times of Trevor Manuel") on her retirement.
Absa CEO Maria Ramos in front of the new logo for Absa South Africa. Picture: Kayleen Morgan/EWN

I speculate she will end up as the Sars Commissioner.

Bruce Whitfield, The Money Show

Maria Ramos, Absa Group CEO, will retire at the end of February.

She becomes eligible for retirement on 22 February; on her 60th birthday.

Ramos has been CEO since 2009.

The Absa board has appointed René van Wyk as the Interim Chief Executive with effect from 1 March.

Van Wyk has been a non-executive director on the board since February 2017.

He was previously the Registrar of Banks at the South African Reserve Bank and retired from that position in May 2016.

Van Wyk was with Nedbank for almost two decades.

He was also CEO of Imperial Bank.

It had never been my intention to stay this long… My earlier intention to step down were curtailed by Barclays PLC’s 2016 decision to sell down their controlling stake, a unique set of circumstances that required continuity…

Maria Ramos, Absa

Ramos’ retirement came as a surprise.

Her resignation is unexpected and I don't know if it is for personal reasons but the markets seem to be liking the decision.

Kokkie Kooyman, Denker Capital

Last week Ramos announced new Nigerian investments while at the World Economic Forum in Davos, Switzerland.

She spoke to Bruce Whitfield on The Money Show, without so much as hinting at retirement.

By 5:11 pm on Tuesday, the Absa share price was up 6.08%

Whitfield interviewed Wendy Lucas-Bull (Chairperson, Absa Group) and Pippa Green (Author of “Choice, not Fate: The Life and Times of Trevor Manuel”.

Listen to the interviews in the audio below (and scroll down for more quotes from it).

She played a critical role in Treasury, transforming it…

Pippa Green

She knew Tito Mboweni before she knew Trevor… she shared accommodation with him… that relationship is quite interesting…

Pippa Green

That would be a logical thing to do [when asked if she would enter public service]…

Pippa Green

Maria had always set her sights on a seven-year term as CEO… All those milestones [which Absa agreed she should achieve before retirement] culminated in December.

Wendy Lucas-Bull, Absa

I think she really wants to take a little bit of a breather… I’m sure she’ll be playing a role in society… and we’ll hear a lot more from Maria Ramos…

Wendy Lucas-Bull, Absa

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Markets cheer as Maria Ramos unexpectedly retires as Absa Group CEO


29 January 2019 8:23 PM
Tags:
Pippa Green
Barclays Africa
Absa
Maria Ramos
Absa group
Wendy Lucas-Bull
Maria Ramos retirement
maria ramos retires
René van Wyk
Choice, not Fate: The Life and Times of Trevor Manuel
Choice not Fate: The Life and Times of Trevor Manuel

More from Business

Johannesburg Business

'Extreme concerns' about coronavirus making landfall in Africa

18 February 2020 8:17 PM

The coronavirus has made landfall - and apart from obvious dangers, its effect on the Chinese economy will also hit Africa hard.

Share this:
Read More arrow_forward

160901Allan-Gray-logo.jpg

An Allan Gray advertisement hits home and a golf resort gets lost

18 February 2020 7:46 PM

Andy Rice, branding and advertising expert, tells us what ads caught his fancy and which ones baffled him.

Share this:
Read More arrow_forward

tax-burdenjpg

Why EY thinks it's time to start dropping SA’s corporate tax rate

18 February 2020 7:07 PM

If the corporate tax rate in South Africa gets lowered, would it lead to higher tax collections?

Share this:
Read More arrow_forward

131029StatsSA .jpg

Stats SA Council threatens to resign over lack of funding, frozen posts

18 February 2020 6:47 PM

''If there are no official statistics approved by the statistician general - at that point I think your rates agencies will just say Game Over.''

Share this:
Read More arrow_forward

help-drowningjpg

Drowning in debt? Two legal ways of clawing your way out of bondage…

18 February 2020 2:35 PM

South Africans are getting deeper into debt. Ismail Lagardien interviews Sylvia Walker, a financial planner.

Share this:
Read More arrow_forward

mechanic-car-parts-repair-vehicle-maintenance-service-auto-manufacturers-123rf

You’ll soon be able to service a car at any capable business, warranty intact

18 February 2020 1:48 PM

If the Competition Commission gets its way you would also be allowed to use "non-original" parts.

Share this:
Read More arrow_forward

healthcare-medicine-medical-aid-costs-piggy-bank-financial-health-finance-123rf

Even cheapest medical aids must pay for treatments not offered by state - Court

18 February 2020 12:45 PM

Consumers may now force their medical aids to fund any drug or medical care a doctor considers necessary to treat any PMB disease.

Share this:
Read More arrow_forward

Cape Town City CBD by night lights on 123rflocal 123rfpolitics 123rf

Cape Town is ready to break free from Eskom and end its load shedding nightmare

18 February 2020 10:08 AM

Cape Town is ready to start creating its own power supply grid. Kieno Kammies interviews the City of Cape Town's Kadri Nassiep.

Share this:
Read More arrow_forward

130408jackparow.jpg

Jack Parow talks money, honey

17 February 2020 8:43 PM

Jack Parow tells The Money Show how he runs his finances cooler than you.

Share this:
Read More arrow_forward

150721ashleymadison.jpg

'Life is short, have an affair' - this company makes millions out of skelmpies

17 February 2020 7:39 PM

Ashley Madison has 60 million members globally and has turned infidelity - cheating on a partner - into big business.

Share this:
Read More arrow_forward

More from Local

Gavel of judge in law court legal 123rflegal 123rf

Computers seized during SIU raids returned to Master’s Offices - Justice Dept

18 February 2020 4:41 PM

The Department of Justice and Correctional Services says computers were returned to most jurisdictions across the country on Monday.

Share this:
Read More arrow_forward

forries-2020jpg

Owner of 'Forries' in Newlands celebrates 30 years at the helm of the iconic pub

18 February 2020 3:29 PM

Lorraine Muir was only 23 years old when she took ownership of The Foresters Arms 30 years ago, and reflects on the pub's evolution.

Share this:
Read More arrow_forward

forries-ancientjpg

[IN PICS] The history of Foresters Arms

18 February 2020 2:54 PM

A selection of images showing the evolution of the Foresters Arms pub - an institution.

Share this:
Read More arrow_forward

151016Wits11.jpg

Adam Habib: I leave Wits in a strong position

18 February 2020 1:25 PM

After almost eight years as vice-chancellor at Wits University, Adam Habib is stepping down.

Share this:
Read More arrow_forward

191114refugees

Stop hiding behind Home Affairs and implement by-laws - Motsoaledi to City of CT

18 February 2020 12:40 PM

Home Affairs Minister Aaron Motsoaledi has slammed the City of Cape Town for deflecting responsibility in dealing with refugees.

Share this:
Read More arrow_forward

191020mmusi

'Good riddance to the haters' - Helen Zille quits public Twitter account

18 February 2020 10:43 AM

After years of Twitter storms, Helen Zille says she's decided to deactivate her 'hate-filled' public account and open a private one instead.

Share this:
Read More arrow_forward

sandf-tank-crashes-through-gatepng

[WATCH] Another 'Mabena' moment as SANDF tank crashes through gate

18 February 2020 10:42 AM

The name Mabena has become synonymous with out of step and clumsy soldiers, and a new video has joined the Twitter ranks.

Share this:
Read More arrow_forward

Cape Town City CBD by night lights on 123rflocal 123rfpolitics 123rf

Cape Town is ready to break free from Eskom and end its load shedding nightmare

18 February 2020 10:08 AM

Cape Town is ready to start creating its own power supply grid. Kieno Kammies interviews the City of Cape Town's Kadri Nassiep.

Share this:
Read More arrow_forward

191105foreignjpg

City to enforce by-laws in Greenmarket Square after week of refugee screenings

17 February 2020 6:01 PM

The City of Cape Town has been granted an interim order to enforce its by-law against refugees camped outside a church in the CBD.

Share this:
Read More arrow_forward

160120simonsbergAH6.jpg

Slanghoek blaze contained, but winds threaten to reignite flames

17 February 2020 5:05 PM

Firefighters have contained a blaze on the slopes of the Slanghoek Mountains in the Boland, however gusty winds remain a threat.

Share this:
Read More arrow_forward