Ben Kruger Steps Down as Standard Bank Joint CEO

By Modupe Gbadeyanka

Mr Ben Kruger has stepped down his position as one of the Group Chief Executive Officers of Standard Bank Plc.

His exit from the position leaves Mr Sim Tshabalala as the only Group CEO of the South African financial institution.

In 2013, both Kruger and Tshabalala took up their joint roles after Jacko Maree retired from the position.

However, a statement issued on Tuesday quoted the Group Chairman of Standard Bank, Thulani Gcabashe, as saying Mr Kruger would remain an executive director of the firm, reporting to Mr Tshabalala.

“The board expresses appreciation to both Ben and Sim, who have successfully led the process of refreshing the group’s strategy and managed complex challenges which faced the group in several jurisdictions, while delivering respectable returns to our shareholders.

“The resounding success of the joint-group chief executive structure is testament to the group’s culture and values which include working in teams, respecting each other and upholding the highest levels of integrity.

“Good momentum has been achieved in the implementation of the group’s refreshed strategy,” Gcabashe said in the statement.

Meanwhile, Mr Tshabalala continues in the role of group chief executive of Standard Bank Group and chief executive of The Standard Bank of South Africa Limited.