Maria Ramos

Maria Ramos
Born	Maria da Conceição das Neves Calha Ramos (1959-02-22) February 22, 1959 Lisbon, Portugal
Occupation(s)	Entrepreneur, former government official
Years active	1980s–present
Known for	CEO of Absa Group (2009–2019), Director-General of South African National Treasury (1996–2004), CEO of Transnet (2004–2009)

Maria da Conceição das Neves Calha Ramos (born 1959) is a South African entrepreneur and former government official. Since May 2025, she has held the position of group chair at Standard Chartered.

From 2009 until 2019, Ramos served as CEO of the Absa Group, guiding its separation from Barclays. With a background in economics, she was director-general of the South African National Treasury between 1996 and 2004, followed by her role as CEO of Transnet from 2004 to 2009. After stepping down from Absa in 2019, she chaired AngloGold Ashanti from 2020 through 2024.

Early life and career

Ramos was born in Lisbon on 22 February 1959 and relocated with her family first to Mozambique, then to Vereeniging, South Africa, when she was six years old. Coming from a working-class family, her father worked as a bricklayer.

Following her secondary education, she was employed at a Barclays branch in Vereeniging as a waste clerk, using her earnings to fund university studies. She became the first female recipient of Barclays’ scholarship and completed a diploma from the Institute of Bankers in 1983. Ramos earned a Bachelor of Commerce degree in 1986 and an economics degree in 1987 from the University of the Witwatersrand. During her time studying in Johannesburg, she participated actively in the anti-apartheid movement.

Between 1989 and 1995, Ramos lectured at both the University of South Africa and University of the Witwatersrand, while also working as a research officer at the London School of Economics. She obtained a master's degree in economics from the University of London in 1992. From 1990 to 1994, she contributed as an economist to the African National Congress during apartheid negotiations and played a role in constitutional discussions and financial subcommittees throughout South Africa’s political transition.

National Treasury: 1995–2004

Ramos entered the post-apartheid South African government in May 1995 as deputy director-general responsible for financial planning within the National Treasury. When Minister of Finance Trevor Manuel assumed political leadership in April 1996, Ramos was appointed director-general of finance on 3 July 1996 with cabinet approval. By 1999, the Mail & Guardian recognized both Ramos and Manuel as among "the most influential and powerful people" within government, highlighting that "Ramos is boss." Her leadership also earned praise from the opposition party, the Democratic Alliance.

Originally hired on a five-year term, her contract was extended by three additional years in June 2001. In September 2003, Ramos declared her intention to leave the treasury in January 2004 to assume the role of group chief executive officer at Transnet, succeeding Mafika Mkwanazi. Her successor as director-general was Lesetja Kganyago.

Transnet: 2004–2009

Half a year into her tenure at Transnet starting in 2004, Ramos introduced a significant corporate restructuring plan that received backing from Public Enterprises Minister Alec Erwin. This strategy involved separating South African Airways and divesting smaller subsidiaries. She also advanced privatization efforts regarding Transnet’s property assets, including the V&A Waterfront, and initiated a rebranding campaign in 2007. Empowerdex ranked her as South Africa’s second most economically influential woman in 2005 due to her impact. Reports indicated she was among the highest-paid female executives nationally. Ramos departed Transnet after five years in February 2009.

Career in the private sector

In March 2009, Ramos was appointed CEO of Absa Group, one of South Africa’s foremost banking conglomerates, taking over from Steve Booysen. She earned the distinction of being the highest-compensated executive within the South African banking industry. During her tenure, Absa successfully merged with Barclays Africa's operations in 2013. Subsequently, in 2015, after Barclays opted to divest the majority of its holdings, Ramos oversaw the complex unbundling process.

Ramos declared her intention to retire from Absa in January 2019, with her departure effective in February 2019, aligning with her 60th birthday milestone. Following this announcement, speculation arose regarding potential future appointments such as leading the South African Revenue Service or serving as Minister of Finance. Additionally, Finance Minister Tito Mboweni considered her for the role of chief reorganisation officer at Eskom.

In June 2019, Ramos joined AngloGold Ashanti’s board and was elevated to chairperson in December 2020, succeeding Sipho Pityana. She remained in this leadership position until May 2024 when she passed the baton to Jochen Tilk.

Since January 2021, Ramos has held an independent directorship at Standard Chartered and is slated to assume the Chair position in May 2025, taking over from José Viñals. She has been a non-executive director at Richemont since 2011 but plans to step down in March 2025. Her portfolio also includes independent board memberships at Sanlam, SABMiller, Saudi British Bank, and Remgro Limited.

Other activities

Appointed by António Guterres, Ramos co-chaired the United Nations Task Force on Digital Financing for Sustainable Development Goals alongside Achim Steiner from 2018 to 2020. In 2021, she became a member of the World Bank–International Monetary Fund High-Level Advisory Group focused on Sustainable and Inclusive Recovery and Growth, which is co-led by Mari Pangestu, Ceyla Pazarbasioglu, and Nicholas Stern. Between 2019 and 2021, she served on the interim board of South Africa’s Public Investment Corporation.

In 2020, Ramos was named to the global advisory council of the Bretton Woods Committee and participates on Oxford University’s Blavatnik School of Government international advisory board. She has chaired the Banking Association of South Africa and contributed to the executive committee of the World Economic Forum’s International Business Council as well as Business Leadership South Africa’s executive committee. During her time as Absa CEO, she also held membership in the Group of Thirty.

Honours

Ramos has been awarded honorary doctorates by both the University of the Free State and Stellenbosch University. In recognition of her achievements, she was named Businesswoman of the Year by the South African Businesswoman's Association in 2001 and earned the title Business Leader of the Year from the Sunday Times in 2005. Additional honors include African Business’s Outstanding Businesswoman of the Year Award (2009), Wits Business School’s Management Excellence Award (2010), and CNBC’s Africa Woman Leader of the Year Award (2011).

She has consistently appeared on influential lists such as Fortune and Forbes rankings of most powerful women; notably, in 2017 she was distinguished as the sole African woman featured on Forbes’s list of the 100 Most Powerful Women.

Personal life

On 27 December 2008, Ramos wed South African political figure Trevor Manuel at L'Ormarins, the wine estate owned by Anton Rupert in Franschhoek. During their tenure together at the National Treasury, there were rumors suggesting Manuel had an extramarital relationship with Ramos.

External links

• Maria Ramos on Forbes