Absa Taps Maria Ramos To Replace Steve Booysen As CEO
Friday November 21st, 2008 / 15h55
By Robb M. Stewart Of DOW JONES NEWSWIRES JOHANNESBURG -(Dow Jones)- Absa Group Ltd. (ASA.JO), South Africa's largest retail lender, Friday said it has appointed Maria Ramos to replace Steve Booysen as chief executive from March. Ramos earlier in the day announced her resignation after five years as head of Transnet Ltd., where she earned a strong reputation for turning the state-owned transportation firm around. Ramos ends her role as CEO of Transnet at the end of February and will take up her new post on March 1, at which time Booysen will step down from the board of Absa, which is majority owned by the U.K. bank Barclays PLC (BCS). Ramos joined Transnet as CEO-designate in late 2003 and during her time oversaw the rebranding of the company that runs South Africa's rail network and ports, and helped return it to profitability from a 6.3 billion rand ($603 million) loss in 2004. The company also during her time transferred ownership of loss-making South African Airways back to the government and sold the Victoria & Alfred Waterfront shopping mall in Cape Town. She was during her time as CEO of Transnet named one the world's top 50 most powerful businesswomen by Fortune magazine. Booysen, meanwhile, was appointed CEO of Absa in August 2004, having already been with the bank since 1988. "Having achieved the significant goals that I set for myself at the start of my term as group chief executive and with Absa performing well, this is a good time to move on," Booysen said. "I want enough time to still pursue at least one further major career challenge." The South African Transport & Allied Workers Union issued a statement wishing Ramos well in her new job, saying it had enjoyed a good relationship with her and that she had led the turnaround and refocusing of Transnet. At 1430 GMT, Absa was trading 1.1% lower at 94 rand while Johannesburg's Top 40 index was up 2.2%. Company Web site: www.absa.co.za -By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; robb.stewart@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=%2FyQit1qi1GWz7Y2iwr8Vcw%3D%3D. You can use this link on the day this article is published and the following day.
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