Former South African Reserve Bank deputy governor Gill Marcus is to take over as independent chairperson of banking group Absa, it was announced on Wednesday.
She will succeed Dr Danie Cronje, who will step down as chairperson on July 1 but remain as a director of Absa Group as well as Absa Bank until the end of July to facilitate a smooth handover.
Marcus, whose appointment is subject to regulatory approval, is also a former deputy minister of finance. She is currently executive chairperson of Western Areas Limited and professor in policy, leadership and gender studies at the Gordon Institute of Business Science.
Her appointment follows an announcement by Absa in April last year that Cronje had informed the respective boards of his decision to retire as chairperson and a director of the group and the bank.
Absa announced at the time that it had initiated a process to select a successor to him and that the new chairperson would be an independent appointment.
Cronje will continue to sit on the board of Barclays.
“Professor Marcus has the right experience, the qualifications, the background and the skills to lead Absa’s board in an exciting new era,” said Cronje. “Her appointment is good news for minorities and I believe that she will provide a new dimension of leadership to Absa, given her deep global understanding and experience of banking issues.”
Steve Booysen, Absa Group’s chief executive, welcomed Marcus’s appointment, saying: “We respect Professor Marcus’s proven leadership capabilities and look forward to working with her in making Absa the pre-eminent bank in South Africa and the leading bank in Africa.
“She brings a wealth of expertise to her new position, from which Absa and its stakeholders will benefit.”
“Over the years I have come to respect Absa as one of South Africa’s leading banks,” said Marcus. “I therefore look forward to committing myself to building on the strong foundation of foresight and vision that has been laid by Dr Cronje and I am deeply honoured to accept the opportunity and challenge of this position.” — I-Net Bridge