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8 Things You Didn’t Know About Retired Standard Bank CEO Jacko Maree

8 Things You Didn’t Know About Retired Standard Bank CEO Jacko Maree

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Jacko Maree served as the CEO at South Africa’s Standard Bank —one of Africa’s largest lenders—for 13 years before retiring in 2013. Maree is highly respected in the financial world and has largely escaped scandal and criticism in his long term at the top. Under his leadership, the Standard Bank share price increased from 21 rand ($1.37 US) to 118 rand ($7.79), the dividend per share went up almost seven times, and the group’s market capitalization grew from 30 billion rand ($1.96 billion) to 190 billion rand ($12.41 billion). The bank operates in 18 African countries.

Here are 8 things you didn’t know about Jacko Maree.

Source: Moneyweb.co.za, BusinessLeadership.

Eastlondonsciencesschool.co.uk/Oxford university
Eastlondonsciencesschool.co.uk/Oxford university

He went to Oxford

Maree completed his undergrad studies at Stellenbosch University, receiving a bachelor of commerce. As a Rhodes scholar, he went on to earn his master’s from Oxford University, studying politics, philosophy and economics. He has said that his studies in philosophy were helpful in understanding business and the needs of people at every level of business.

Source: Moneyweb.co.za

Iol.co.za/Jacko Maree
Iol.co.za/Jacko Maree

He donates to education

Maree began donating 10 percent of his yearly taxable income to education in 2011. He wants his money specifically to go towards black scholars who lack the funds to further their education. Maree promised to continue making this donation so long as the personal tax structure in the country remains the same. Maree said he did this because of all the national debates ongoing about executive pay and privilege.

Source: Moneyweb.co.za

Theafricaneconomist.com/Jacko Maree
Theafricaneconomist.com/Jacko Maree

He believes in high executive pay

Maree insists his reasons for donating part of his pay are not because he thinks he’s undeserving of a high salary. He is passionate about the idea that one intelligent person in a company can make decisions that can positively affect everyone in that company. But he said he thinks higher-up personnel require a certain salary and are entitled to ask for it, per the supply-and-demand nature of a market-driven economy. He said he believes any attempts to standardize or limit what an executive can be paid will negatively affect people at every level of a company.

Source: Moneyweb.co.za

Newsghana.com.gh/Jacko Maree
Newsghana.com.gh/Jacko Maree

He still works at Standard Bank

In 2013 Maree retired as Standard Bank’s CEO—he served in that position for 13 years and worked at the bank for 32 years total before his retirement. Maree isn’t totally gone from the company, though. He stayed on as a senior banker, working on important client relationships, something he is ideal for considering his longstanding history at the company.

Source: Iol.co.za

Forbes.com/Jacko Maree
Forbes.com/Jacko Maree

He’s a member of the Founder’s Room

Maree is a member of the Founder’s Room—an exclusive, members-only club where some of the greatest icons in music and sports have mingled throughout the years. Only members or guests of members can attend. Maree invited several press members to to join him for dinner at the prestigious venue during a 2015 championship golf game between Bubba Watson and Jordan Speith.

Source: Business-standard.com

Redclaysoul.com/Augusta National golf club
Redclaysoul.com/Augusta National golf club

He’s also a member of Augusta National

Maree is a member of another prestigious club. The Augusta National is a members-only club that tries to keep its roster to no more than 300 very wealthy and high profile people. The club is a place where “deals are sealed.” Maree is accompanied on the roster by the likes of William Morris IV and Bill Gates III.

Source: Bloomberg.com

Financialmail.co.za/Jacko Maree
Financialmail.co.za/Jacko Maree

He’s been called a dying breed

Maree has often been called a gentleman, a dying breed and one of the most honest businessmen in the world. He is modest about these compliments. Maree compares his business approach to sports, saying that nobody gets anywhere by undermining another team player. If they’re good enough, they don’t need to get into fights, he said.

Source: Absip.co.za

Financialmail.co.za/Jacko maree
Financialmail.co.za/Jacko maree

His life after retirement

Now that he has stepped down as CEO, Maree arrives at work at 9 a.m. instead of 7:15 a.m. He says he does not want any more influence at the top levels of Standard Bank, having turned down an offer to join the board of directors. He said that he declined a seat on the board because it would be difficult to monitor his investment in and attachment to the company or to switch his executive hat for a nonexecutive one.

Source: Financialmail.co.za