Maria Ramos

{{Infobox person

| name = Maria Ramos

| image = Maria Ramos - World Economic Forum Annual Meeting Davos 2010 crop.jpg

| image_size =

| caption = Ramos at Davos in 2010

| birth_date = {{birth date and age|1959|02|22|df=yes}}

| birth_place = Lisbon, Portugal

| death_date =

| death_place =

| citizenship = South Africa,

Portugal

| education = University of the Witwatersrand
University of London

| occupation = {{flatlist|

Businesswoman
civil servant
economist}}

| years_active = 1987–present

| known_for =

| networth =

| predecessor =

| spouse = {{marriage|Trevor Manuel|2008}}

}}

Maria da Conceição das Neves Calha Ramos (born 1959) is a South African businesswoman and former civil servant. She is currently the group chair of Standard Chartered, a position she has held since May 2025.

Ramos was the chief executive officer of the Absa Group from March 2009 to February 2019, during which time she oversaw the company's unbundling from Barclays. An economist by training, she was formerly the director-general of the South African National Treasury from 1996 to 2004 and the chief executive officer of Transnet from 2004 to 2009. She left Absa in 2019 to take retirement but nonetheless was chairperson of AngloGold Ashanti from December 2020 to May 2024.

Early life and career

Ramos was born in Lisbon, Portugal on 22 February 1959.{{Cite web |date=2019-01-29 |title=What’s next for Maria Ramos? |url=https://mg.co.za/article/2019-01-29-whats-next-for-maria-ramos/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} She was the eldest of four daughters and her parents emigrated to Mozambique and then, when Ramos was six years old, to Vereeniging, South Africa.{{Citation needed|date=December 2024}} Her family was working class; her father was a bricklayer.{{Cite news |last=Arnold |first=Martin |date=2018-07-22 |title=Absa’s Maria Ramos: on winning a favourable deal |url=https://www.ft.com/content/651b191e-8475-11e8-96dd-fa565ec55929 |access-date=2024-12-28 |work=Financial Times}}

After high school she worked at a Barclays branch in Vereeniging as a waste clerk, saving money for her university tuition. She also received scholarship money from Barclays, becoming the first woman to receive the bank's formerly male-only scholarship. After completing an Institute of Bankers diploma in 1983, she attended the University of the Witwatersrand, completing an Bachelor of Commerce in 1986 and a degree in economics in 1987.{{Cite web |date=2007-08-01 |title=Private sector: General business |url=https://mg.co.za/article/2007-08-01-private-sector-general-business/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} While a student in Johannesburg, she became involved in the anti-apartheid movement.

Between 1989 and 1995 she worked as an academic economist, as a lecturer at the University of South Africa from 1989 to 1991, a lecturer at the University of the Witwatersrand from 1991 to 1994, and a research officer at the London School of Economics from 1994 to 1995.{{Cite press release |title=Maria Ramos Appointed Director-General of Finance |date=3 July 1996 |publisher=Ministry of Finance |url=https://www.treasury.gov.za/comm_media/press/1996/1996070301.pdf |access-date=28 December 2024}} During this time she completed a master's degree in economics at the University of London in 1992, and from 1990 to 1994 she was an economist in the economic planning department of the African National Congress (ANC), which was then engaged in the negotiations to end apartheid. During the post-apartheid transition she worked on the constitutional negotiations and on the Transitional Executive Council's subcommittee on finance.

Career in the public sector

= National Treasury: 1995–2004 =

In May 1995, Ramos joined the post-apartheid South African government as deputy director-general for financial planning in the National Treasury. Minister of Finance Trevor Manuel became the political head of the treasury in April 1996, and on 3 July 1996 the cabinet approved Ramos's appointment as director-general of finance with immediate effect. By 1999, the Mail & Guardian described Ramos and Manuel as among "the most influential and powerful people" in government, commenting that, "Ramos is boss. Manuel is boss only when others need him to be."{{Cite web |date=1999-11-12 |title=The people behind the Cabinet: Who does |url=https://mg.co.za/article/1999-11-12-the-people-behind-the-cabinet-who-does/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} The opposition Democratic Alliance were among her admirers.{{Cite web |date=4 September 2003 |title=DA: Ramos shoes hard to fill |url=https://www.news24.com/fin24/da-ramos-shoes-hard-to-fill-20030904 |access-date=2024-12-28 |website=News24 |language=en-US}}

Though she was initially appointed on a five-year contract,{{Cite web |date=25 June 2001 |title=Govt set to woo Ramos |url=https://www.news24.com/fin24/govt-set-to-woo-ramos-20010625 |access-date=2024-12-28 |website=News24 |language=en-US}} the cabinet approved a three-year extension of her term in June 2001.{{Cite web |date=27 June 2001 |title=Statement on Cabinet meeting of 27 June 2001 |url=https://www.gcis.gov.za/content/newsroom/media-releases/cabinet-statements/statement-cabinet-meeting-27-june-2001 |access-date=2024-12-28 |website=Government Communication and Information System (GCIS)}} However, in September 2003, Ramos announced that she would leave the treasury in January 2004 to succeed Mafika Mkwanazi as group chief executive officer of Transnet.{{Cite web |date=2003-09-05 |title=Ramos moves to Transnet |url=https://mg.co.za/article/2003-09-05-ramos-moves-to-transnet/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}}{{Cite web |date=2003-09-04 |title=Manuel downplays Ramos move |url=https://mg.co.za/article/2003-09-04-manuel-downplays-ramos-move/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} Lesetja Kganyago was appointed to replace her as director-general.{{Cite web |date=2004-01-23 |title=Treasury’s new asset |url=https://mg.co.za/article/2004-01-23-treasurys-new-asset/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}}{{Cite web |date=2004-01-22 |title=Manuel announces new Treasury chief |url=https://mg.co.za/article/2004-01-22-manuel-announces-new-treasury-chief/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}}

= Transnet: 2004–2009 =

Six months after her arrival at Transnet, in August 2004, Ramos announced a proposal for a major restructuring of the Transnet Group, supported by Public Enterprises Minister Alec Erwin. The restructuring included unbundling South African Airways from the group and divesting from various minor subsidiaries.{{Cite web |date=2004-09-03 |title=Cruising for a bruising? |url=https://mg.co.za/article/2004-09-03-cruising-for-a-bruising/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}}{{Cite web |date=2007-06-24 |title=‘It’s not an easy ship to turn’ |url=https://mg.co.za/article/2007-06-25-its-not-an-easy-ship-to-turn/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} Ramos also pursued the privatisation of various Transnet property interests, including the V & A Waterfront,{{Cite web |date=2006-07-21 |title=Who will win the Waterfront? |url=https://mg.co.za/article/2006-07-21-who-will-win-the-waterfront/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} and announced a rebranding strategy for the utility in 2007.{{Cite web |date=2007-07-23 |title=Transnet unveils new image |url=https://mg.co.za/article/2007-07-23-transnet-unveils-new-image/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}}

File:Maria Ramos.jpg in January 2009]]

Because of her role at Transnet, Empowerdex labelled Ramos the second most economically influential woman in South Africa, after Deputy President Phumzile Mlambo-Ngcuka, in 2005.{{Cite web |last=Louw |first=Irene |date=7 August 2005 |title=Women break business barriers |url=https://www.news24.com/fin24/women-break-business-barriers-20050806 |access-date=2024-12-28 |website=News24 |language=en-US}} She was also reportedly the highest-paid woman executive in the country.{{Cite web |date=2007-10-26 |title=No hiding from Destiny |url=https://mg.co.za/article/2007-10-26-no-hiding-from-destiny/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} She spent five years at the utility; in November 2008, she announced that she would leave at the end of February 2009.{{Cite web |date=2008-11-21 |title=Maria Ramos to leave Transnet |url=https://mg.co.za/article/2008-11-21-maria-ramos-to-leave-transnet/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}}

Career in the private sector

In March 2009, Ramos succeeded Steve Booysen as chief executive of Absa Group, one of South Africa's largest banking conglomerates.{{Cite web |last=Monteiro |first=Ana |date=21 November 2008 |title=Ramos/Manuel: No conflict |url=https://www.news24.com/fin24/ramosmanuel-no-conflict-20081121 |access-date=2024-12-28 |website=News24 |language=en-US}}{{Cite web |date=2008-11-21 |title=Ramos to become new Absa CEO |url=https://mg.co.za/article/2008-11-21-ramos-to-become-new-absa-ceo/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} She became the top-paid executive in South Africa's banking industry.{{Cite web |last=Tarrant |first=Hilton |date=2018-04-25 |title=Best-paid big five bank execs |url=https://www.citizen.co.za/business/best-paid-big-five-bank-execs/ |access-date=2024-12-28 |website=The Citizen |language=en}} Absa Group subsumed Barclays Africa's operations in 2013,{{Cite web |last=Grant-Marshall |first=Sue |date=19 July 2015 |title=Winning Women – Maria Ramos: Energising Africa |url=https://www.news24.com/citypress/business/winning-women-maria-ramos-energising-africa-20150719 |access-date=2024-12-28 |website=City Press |language=en-US}} but in 2015 Barclays chief executive Jes Staley announced that Barclays, Absa's British parent company, planned to sell most of its majority stake in Absa. Ramos negotiated and oversaw the subsequent unbundling.{{Cite news |date=3 February 2019 |title=Maria Ramos dismounts after rough ride |url=https://www.timeslive.co.za/sunday-times/business/2019-02-03-maria-ramos-dismounts-after-rough-ride/ |access-date=28 December 2024 |work=Sunday Times}}

On 29 January 2019, Ramos announced that she would leave Absa at the end of February 2019, retiring upon her 60th birthday.{{Cite news |last=Cotterill |first=Joseph |date=2019-01-29 |title=Maria Ramos to retire as head of South Africa’s Absa |url=https://www.ft.com/content/35d8d52a-23de-11e9-8ce6-5db4543da632 |access-date=2024-12-28 |work=Financial Times}}{{Cite web |date=29 January 2019 |title=Absa CEO Maria Ramos to retire |url=https://www.news24.com/fin24/just-in-absa-ceo-maria-ramos-to-retire-20190129 |access-date=2024-12-28 |website=Business |language=en-US}} South African press speculated that she would be appointed as head of the South African Revenue Service or even as Minister of Finance,{{Cite web |date=2019-02-01 |title=Maria Ramos, the new captain of Ship SA? |url=https://mg.co.za/article/2019-02-01-00-maria-ramos-the-new-captain-of-ship-sa/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} and the incumbent Finance Minister Tito Mboweni said that she was being considered for appointment as chief reorganisation officer at Eskom.{{Cite web |date=2019-04-22 |title=Mboweni admits Ramos among those considered to head Eskom unbundling |url=https://mg.co.za/article/2019-04-22-mboweni-admits-ramos-among-those-considered-to-head-eskom-unbundling/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}}

Ramos was appointed as a director at AngloGold Ashanti in June 2019, and on 8 December 2020 she was appointed as chairperson of the company's board.{{Cite news |date=8 December 2020 |title=AngloGold Ashanti chair Pityana resigns, Maria Ramos to take over |url=https://www.reuters.com/article/ozabs-uk-anglogold-ashnti-chairman-idAFKBN28I0S5-OZABS |archive-url=http://web.archive.org/web/20230422144439/https://www.reuters.com/article/ozabs-uk-anglogold-ashnti-chairman-idAFKBN28I0S5-OZABS |archive-date=2023-04-22 |access-date=2024-12-28 |work=Reuters |language=en-US}} She replaced Sipho Pityana with immediate effect.{{Cite web |last=Khumalo |first=Sibongile |date=8 December 2020 |title=Maria Ramos named new chair of AngloGold Ashanti as Sipho Pityana resigns |url=https://www.news24.com/fin24/maria-ramos-named-new-chair-of-anglogold-ashanti-as-sipho-pityana-resigns-20201208 |access-date=2024-12-28 |website=News24 |language=en-US}}{{Cite web |last=Cronje |first=Jan |date=9 December 2020 |title=Maria Ramos comes in to steady AngloGold Ashanti’s tumultuous year |url=https://www.news24.com/fin24/maria-ramos-comes-in-to-steady-anglogold-ashantis-tumultuous-year-20201209 |access-date=2024-12-28 |website=News24 |language=en-US}} She held the position for three-and-a-half years, handing over to Jochen Tilk at an annual general meeting on 28 May 2024.{{Cite web |last=Mantshantsha |first=Sikonathi |date=8 March 2024 |title=Maria Ramos to retire as chair of AngloGold Ashanti in May |url=https://www.news24.com/fin24/companies/maria-ramos-to-retire-as-chair-of-anglogold-ashanti-in-may-20240308 |access-date=2024-12-28 |website=Business |language=en-US}}

She has been an independent director of Standard Chartered and Standard Chartered Bank since 1 January 2021.{{Cite web |date=16 October 2020 |title=Standard Chartered appoints Maria Ramos as independent non-executive director |url=https://www.fanews.co.za/article/people-and-companies/12/appointments/1087/standard-chartered-appoints-maria-ramos-as-independent-non-executive-director-david-tang-appointed-to-board-risk-committee/30452 |access-date=2024-12-28 |website=FAnews}} In February 2025 it was announced that Ramos would succeed José Viñals as Chair of Standard Chartered, effective May 2025. She has also been a non-executive director at Richemont since 2011,{{Cite web |date=25 March 2011 |title=Richemont names Ramos as director |url=https://www.news24.com/fin24/richemont-names-ramos-as-director-20110325 |access-date=2024-12-28 |website=News24 |language=en-US}}{{Cite web |last=Whitfield |first=Bruce |date=7 April 2011 |title=Bling it on |url=https://www.news24.com/fin24/bling-it-on-20110405 |access-date=2024-12-28 |website=News24 |language=en-US}} though the company announced in 2023 that she would resign from the board on 31 March 2025.{{Cite news |date=14 May 2023 |title=Maria Ramos to step down from Richemont board after nearly 15 years |url=https://www.businesslive.co.za/bd/companies/retail-and-consumer/2023-05-14-maria-ramos-to-step-down-from-richemont-board-after-nearly-15-years/#google_vignette |access-date=28 December 2024 |work=Business Day}} She has been an independent director at Sanlam,{{Cite web |date=2 June 2004 |title=Moosa, Ramos join Sanlam board |url=https://www.news24.com/fin24/moosa-ramos-join-sanlam-board-20040602 |access-date=2024-12-28 |website=News24 |language=en-US}} SABMiller,{{Cite web |date=2008-05-07 |title=Ramos joins SABMiller board |url=https://mg.co.za/article/2008-05-07-ramos-joins-sabmiller-board/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} the Saudi British Bank,{{Cite web |date=13 October 2020 |title=SABB board member Maria Ramos resigns |url=https://www.argaam.com/en/article/articledetail/id/1413196 |access-date=2024-12-28 |website=ArgaamPlus |language=en}} and Remgro Limited.{{cite web |author= |date=2013 |title=Maria Ramos: CEO, Barclays Africa Group Limited |url=https://www.oneyoungworld.com/counsellors/maria-ramos |access-date=16 May 2018 |website=One Young World}}

Other activities

Appointed by António Guterres, Ramos and Achim Steiner co-chaired the United Nations Task Force on Digital Financing of Sustainable Development Goals from 2018 to 2020.[https://www.un.org/sg/en/content/sg/personnel-appointments/2018-11-29/task-force-digital-financing-sustainable-development "Task Force on Digital Financing of Sustainable Development Goals"]. United Nations. 29 November 2018. In 2021, she was appointed to the World Bank–International Monetary Fund High-Level Advisory Group on Sustainable and Inclusive Recovery and Growth, co-chaired by Mari Pangestu, Ceyla Pazarbasioglu, and Nicholas Stern.[https://www.imf.org/en/News/Articles/2021/06/14/pr21175-world-bank-imf-launch-hlag-sustainable-inclusive-recovery-growth World Bank, IMF Launch High-Level Advisory Group on Sustainable and Inclusive Recovery and Growth] International Monetary Fund, press release of 15 June 2021. Between 2019 and 2021, she was a member of the interim board of the South African Public Investment Corporation.{{Cite news |date=10 July 2019 |title=Maria Ramos appointed to interim PIC board |url=https://www.businesslive.co.za/bd/national/2019-07-10-maria-ramos-appointed-to-interim-pic-board/ |access-date=28 December 2024 |work=Business Day}}{{Cite news |date=3 February 2021 |title=PIC announces new board appointments |url=https://www.businesslive.co.za/bd/companies/financial-services/2021-02-03-pic-announces-new-board-appointments/ |access-date=28 December 2024 |work=Business Day}}

In 2020, she was appointed as a member of the global advisory council of the Bretton Woods Committee,{{Cite web |date=12 October 2020 |title=BWC Announces Board of Directors, Global Advisory Council |url=https://www.brettonwoods.org/article/bwc-announces-board-of-directors-global-advisory-council |access-date=2024-12-28 |website=The Bretton Woods Committee}} and she is a member of the international advisory board of Oxford University's Blavatnik School of Government.{{Cite web |title=Maria Ramos |url=https://www.bsg.ox.ac.uk/people/maria-ramos |access-date=2024-12-28 |website=Blavatnik School of Government |language=en}} She has also been chairperson of the Banking Association of South Africa, a member of the executive committee of the World Economic Forum's International Business Council, and a member of the executive committee of Business Leadership South Africa. While Absa chief executive, she was a member of the Group of Thirty.{{Cite web |last=Brown |first=Justin |date=13 August 2017 |title=Barclays Africa CEO joins the Group of Thirty |url=https://www.news24.com/fin24/barclays-africa-ceo-joins-the-group-of-thirty-20170811 |access-date=2024-12-28 |website=News24 |language=en-US}}

Honours

File:Maria Ramos, 2009 World Economic Forum on Africa.jpg in June 2009]]

A recipient of honorary doctorates from the University of the Free State and Stellenbosch University, Ramos was named Businesswoman of the Year by the South African Businesswoman's Association in 2001 and Business Leader of the Year by the Sunday Times in 2005. She received African Business's Outstanding Businesswoman of the Year Award in 2009,{{Cite web |date=2009-07-07 |title=Ramos honoured at awards ceremony in London |url=https://mg.co.za/article/2009-07-07-ramos-honoured-at-awards-ceremony-in-london/ |access-date=2024-12-28 |website=The Mail & Guardian |language=en-ZA}} the Wits Business School's Management Excellence Award in 2010,{{Cite web |date=2 December 2011 |title=Maria Ramos honoured with MANEX award at WBS |url=https://www.wits.ac.za/news/news-migration/home/alumni/news--events/alumni-news-items/alumni-2011-12/maria-ramos-honoured-with-manex-award-at-wbs/ |access-date=2024-12-28 |website=Wits University}} and CNBC's Africa Woman Leader of the Year Award in 2011. She has often been ranked in Fortune's list of most powerful women,{{cite web |author=Groden |first=Claire |date=14 September 2015 |title=Most Powerful Women: Europe, Middle East, Africa: Maria Ramos: Group CEO, Barclays Africa Limited |url=http://fortune.com/most-powerful-women-europe-middle-east-africa/maria-ramos-11/ |access-date=16 May 2018 |website=Fortune.com |publisher=}} as well as in its Forbes counterpart;{{Cite web |date=24 August 2011 |title=Merkel tops powerful women list |url=https://www.news24.com/news24/merkel-tops-powerful-women-list-20110824 |access-date=2024-12-28 |website=News24 |language=en-US}} in 2017, she was the only African on the Forbes 100 Most Powerful Women ranking.{{Cite news |date=29 September 2017 |title=Forbes gives high praise to Barclay’s Africa’s Maria Ramos |url=https://www.businesslive.co.za/bd/national/2017-09-29-forbes-gives-high-praise-to-barclays-africas-maria-ramos/ |access-date=28 December 2024 |work=Business Day}}

Personal life

Ramos married South African politician Trevor Manuel on 27 December 2008. The ceremony was held at L'Ormarins, Anton Rupert's wine estate in Franschhoek.{{Cite web |date=27 December 2008 |title=Manuel, Ramos tie the knot |url=https://www.news24.com/news24/manuel-ramos-tie-the-knot-20081227 |access-date=2024-12-28 |website=News24 |language=en-US}} Manuel was widely rumoured to have had an extramarital affair with Ramos when they worked together at the National Treasury.{{Cite web |date=29 December 2008 |title=Trevor and Maria strike love deal . |url=https://www.sowetanlive.co.za/news/2008-12-29-trevor-and-maria-strike-love-deal-/ |access-date=2023-08-03 |website=Sowetan |language=en-ZA}}{{Cite web |last=Smith |first=Dianne |date=6 April 2001 |title=Manuel to divorce amid rumours of an affair |url=https://www.iol.co.za/news/politics/manuel-to-divorce-amid-rumours-of-an-affair-63783 |url-status=live |archive-url=https://web.archive.org/web/20170331212221/https://www.iol.co.za/news/politics/manuel-to-divorce-amid-rumours-of-an-affair-63783 |archive-date=31 March 2017 |access-date=17 April 2023 |website=IOL}}