Standard Bank Takes on Deutsche’s Model in Naming Joint CEOs
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Standard Bank Group Ltd. is adopting the model used by Germany’s Deutsche Bank AG in appointing joint-chief executive officers as Jacko Maree stepped down after 13 years as head of Africa’s biggest lender.
Sim Tshabalala, 45, and Ben Kruger, 53, named as deputy CEOs four years ago, are taking over as the company retreats from Latin America, Russia and Turkey. The third former deputy CEO, Peter Wharton-Hood, will become chief operating officer. Maree, 57, will resign from the boards of Standard Bank and insurance unit, Liberty Holdings Ltd., remaining as a “senior banker focusing on key client relationships,” the lender said.