Standard Bank's Ben Kruger (right) stepped down as CEO, leaving the post to Sim Tshabalala (left). Photo: Simphiwe Mbokazi.

JOHANNESBURG – Ben Kruger steps down as a joint Group Chief Executive of Standard Bank with immediate effect, Group Chairman Thulani Gcabashe said on Tuesday.

Gcabashe said Kruger would remain an executive director of the company, reporting to the group chief executive. Kruger and Sim Tshabalala took up their joint roles in 2013, following the retirement of Jacko Maree, who led the financial services group for more than 13 years.

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

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“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,” said Gcabashe.

Gcabashe said the board appreciates Ben’s selfless leadership and was pleased that he remains part of the leadership team going forward.