South Africa: Reserve Bank gets new deputy governor

Pretoria – President Jacob Zuma has appointed Francois Groepe as Deputy Governor of the South African Reserve Bank.

Francois Groepe – New Deputy Governor of the South African Reserve Bank

Groepe has served Media24 previously as CEO of the newspaper division as well as financial director.

He was appointed to the central bank’s board as a non-executive director representing government. Until his appointment, Groepe was the Group Managing Director and CEO of Media24. Before becoming part of Media24, he was Senior Group Controller at Swiss Re — one of the world’s largest reinsurers — based at its head office in Zurich.

“The appointment is for a five-year term, with effect from 1 January 2012,” said the Presidency on Monday, adding that Zuma wished him well in his new position.

Groepe will become the third Deputy Governor, joining Governor Gill Marcus and Deputy Governors Daniel Mminele and Lesetja Kganyago.

He holds BCom (Hons), MBA and LLB degrees and a Postgraduate Diploma in Tax Law. He is a chartered management accountant and an advocate of the High Court of South Africa.

Groepe’s appointment follows consultations with the Reserve’s Bank’s board.

“I am delighted with this appointment and welcome Francois Groepe as Deputy Governor of the South African Reserve Bank and wish him a fruitful, successful and rewarding period in his new position.

“The board of directors, management and staff of the South African Reserve Bank, heartily welcome him to the Bank and will afford him the necessary support during his term of office,” said Marcus.

Source: BuaNews – 19 Dec 2011