As from November 9, 2009, Gill Marcus will officially take over as governor of the South African Reserve Bank (SARB) from Tito Mboweni. Her appointment was announced by President Jacob Zuma on July 19, 2009. Mboweni accepted his re-appointment to the position, but asked to leave in November.

Marcus’s appointment has been widely welcomed across all quarters of South Africa – a boost for the woman who once served as Deputy Governor of the SARB from 1999 to 2004.

Comments on Marcus’s appointment

The appointment of Gill Marcus as the new governor of the SA Reserve Bank (SARB) was welcomed by several political parties, business organisations and economists.

• The Banking Association of South Africa said in a statement that Marcus is an experienced banker and "visionary leader". The association said: "Ms Marcus is an experienced banker who has made a sterling contribution in the development of the bank's monetary policy during her previous stint as deputy Reserve Bank governor."
  
• The African National Congress said the appointment of Marcus as the first woman governor of the SARB demonstrated the government's commitment to gender equality.

"A progressive thinker, she will be bringing to the bank financial systems towards ensuring the achievement of economic growth," the party said in a statement.

• The South African Communist Party also welcomed Marcus's appointment, saying they hope it will “bring about a breath of fresh air, and will allow us to take forward the policy debate on the mandate and the role of the Reserve Bank… in helping us navigate the current problems imposed on us by the global capitalist crisis."
  
• The Democratic Alliance (DA) welcomed Marcus's appointment, saying she has a "detailed experience of the banking sector both as a previous Deputy Reserve Bank Governor and through her work in the private sector".
  
  
• Although economist Mike Schussler would have preferred to see someone from within the SARB promoted to the position of governor, he had this to say: “She will take care of the country to the best of her ability and she has it [the ability]."
  
  Schussler said Marcus was well respected by market players and her experience in the institution would stabilise the markets. “Marcus is the best choice considering the circumstances," said Schussler. He doesn’t expect Marcus to bring policy changes.
  
• Business Unity SA welcomed the appointment and said Marcus's qualifications and experience in the public and private sectors made her a worthy successor to Mboweni.
  
  "Her appointment sends an encouraging message to business and the markets and will have a positive impact on business and investor confidence," said Busa CEO Jerry Vilakazi.
  
  
• Standard Chartered Bank emphasised the need for the new governor to talk to role players in the debate on inflation targeting.
  
  "Within South Africa, there is much debate over the future course of inflation targeting. While the market itself in the current environment has become more accepting of growth concerns taking centre-stage, an interesting debate lies ahead," said regional head of research, Razia Khan.

Illustrious career

• Marcus holds a Bachelor of Commerce degree from the University of South Africa. She served as a member of the ANC National Executive Committee from 1991 to 1999 and Member of Parliament from 1994 to 1999.
  
• Marcus was Deputy Minister of Finance from 1996 to 1999.
  
• She served as Deputy Governor of the South African Reserve Bank from 1999 to 2004.
  
• In 2004, she became Professor of Policy, Leadership and Gender Studies at the Gordon Institute of Business Science.
  
• From November 2005 to March 2007, Marcus was Executive Chairperson of Western Areas Limited.
  
• Marcus was appointed a Director of Gold Fields on February 14, 2007. That same year, she was appointed as non-executive Chairperson of Absa Group Limited. Marcus also serves in a non-executive capacity on the boards of the International Marketing Council, the Advisory Board of the Auditor General and the Independent Regulatory Board for Auditors.
  

The life and times of Gill Marcus

1949: Gill Marcus was born in Johannesburg. Her parents were ANC activists. She grew up in Johannesburg and studied for a BCom degree with the University of South Africa.

1970: She worked for the ANC, working for the party's Department of Information.

1976: Marcus was appointed editor of the ANC's weekly bulletin.

1990: Marcus returned from exile, after the unbanning of African National Congress and other political organisations. She took up a position in the ANC's Department of Information and Publicity.

1991: Marcus became an ANC member of the National Executive Committee (1991-1999).

Pre- and post 1994: Marcus played an active role in training ANC media workers and voter educators. She accompanied Nelson Mandela on his election campaign around the provinces.

1994: Marcus was elected a Member of Parliament (1994-1999). She was also appointed chairperson of the parliamentary Joint Finance Committee (1994-1996).

1996: She was appointed Deputy Minister of Finance (1996-1999).

1999: Appointed Deputy governor of the South African Reserve Bank (1999-2004).

During 1999 - 2003/04, Marcus was also chairperson during of Financial Markets Advisory Board and the Policy Board for Financial Regulation.

2004: Marcus became the Professor on Policy, Leadership and Gender Studies, Gordon Institute of Business Science. She still holds the position, and has indicated that she would continue her role there.

2005: Marcus was appointed executive chairperson of Western Areas Limited.

2007: In March 2007, Marcus (aged 57) was announced as the first female non-executive chairperson of Absa. She took over from Danie Cronje in July 2007.

2009: From November 9, 2009, Marcus will take over from Tito Mboweni as governor of the South African Reserve Bank.

Sources: NewsNet; Sapa