The Absa Group has announced the retirement of its CEO Maria Ramos at the end of February upon turning 60.
Ramos has been group chief executive for 10 years.
René van Wyk has been appointed as the Absa Group and Absa Bank interim chief executive, the bank announced on Tuesday.
Portfolio Manager at The Global Financial Fund, Kookie Kooyman says if Ramos's work is to be judged according to the share price and the market value, she didn't do that well in her 10 years tenure as the CEO.
He says the poor performance could be attributed to her team at the bank.
In the end, as head of a bank or as a coach, every person needs to take responsibility. I think the markets were saying she wasn't doing that well.— Kookie Kooyman, The Global Financial Fund portfolio manager
Kooyman says the announcement of Ramos's retirement came as a surprise and at short notice.
He says last week Ramos was "fully operational" in Davos announcing an investment in Nigeria and suddenly she says she is retiring and an interim CEO is appointed immediately.
Her resignation is unexpected and I don't know if it is for personal reasons but the markets seem to be liking the decision.— Kookie Kooyman, The Global Financial Fund portfolio manager
To hear the rest of the conversation on Maria Ramos retirement, listen below: