Following a carefully planned management succession process, Jacko Maree retires as Group Chief Executive of Standard Bank Group today after a long and illustrious career at the bank spanning more than 32 years.
He spent the past 13 years as Group Chief Executive of Standard Bank, Africa’s largest bank.
The good news, however, is that Jacko’s skills and talent will not be lost to Standard Bank as he will remain employed by the group as a senior banker focusing on key client relationships while not performing an executive or managerial role.
Paying tribute to Jacko, Standard Bank Group Chairman, Fred Phaswana said: “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.
“Under Jacko’s leadership, the Standard Bank share price has increased from R21 to R118, the dividend per share is up almost seven times, and the group’s market capitalisation has grown from R30 billion to R190 billion.”
Jacko’s career at Standard Bank started in 1980 when he joined the Corporate Finance Department of Standard Merchant Bank. He was appointed Managing Director of SMB in 1991 and then Managing Director of the newly formed Standard Corporate and Merchant Bank in 1995.
He was appointed Chief Executive of the Standard Bank Group in 1999 at the height of one of the most serious challenges that Standard Bank had ever faced - the hostile takeover bid by Nedcor.
After Jacko saw off the hostile takeover, he set about re-energising the organisation by providing clear strategic direction and focus.
In 2004 Jacko was one of the principal architects of the Financial Sector Charter, which had as its vision to promote a transformed, vibrant and globally competitive financial sector.
Perhaps his most significant achievement was overseeing the strategic partnership between Standard Bank and the Industrial and Commercial Bank of China (ICBC) in 2007. At the time the R36.7 billion, 20% equity stake was the largest foreign direct investment into the country.
During his career, Jacko has received numerous peer accolades and awards. In 2004 he received the Wits Business School Annual Management Excellence award. In 2005 he was named The Sunday Times Business Leader of the Year. He was also voted by his peers as Moneyweb’s CEO of The Year in 2005 and 2006.
For three consecutive years, 2007, 2008 and 2009, he was voted “The Most Trusted CEO in South Africa” by Ask Africa’s annual Trust Barometer study.
In 2010 the Financial Times named Jacko as one of the 50 emerging market business leaders who have helped shape the economic performance of their respective region. Forbes Magazine named Jacko as one of the 20 most powerful people in African business in 2012.