Gill Marcus
Encyclopedia
Gill Marcus is the ninth Governor of the South African Reserve Bank
. She is the first woman to hold the position.
, South Africa
. Her grandparents were Jewish immigrants from Lithuania. Both her parents, however, were born in South Africa.
(SACP). They went into exile in 1969, together with Marcus, her two sisters and brother. She completed her degree by correspondence with the University of South Africa. She joined the SACP and the African National Congress
(ANC). In 1970 she began working for the exiled ANC's Department of Information and Publicity (DIP) in London, later becoming the DIP's deputy secretary.
She was elected as a Member of Parliament
in 1994 and became Deputy Minister of Finance in the Government of National Unity of Nelson Mandela
from 1996 to 1999, serving under Trevor Manuel
. In 1999 she became Deputy Governor of the Reserve Bank under Tito Mboweni
. She held the post for 5 years but left due to personality clash with Mboweni.
She then held the Professorship of Leadership and Gender Studies at the Gordon Institute of Business Science
, before going into business, initially as chairman of Western Areas mining company and later as non-executive director of Gold Fields
. In 2007 she succeeded Danie Cronjé as chair of Absa Group
and Absa Bank.
In July 2009, President Jacob Zuma
announced that she would return to the Reserve Bank to succeed Mboweni as Governor. The appointment was welcomed by both economists and trade unionists.
South African Reserve Bank
The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought...
. She is the first woman to hold the position.
Early Years
Marcus was born in JohannesburgJohannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
. Her grandparents were Jewish immigrants from Lithuania. Both her parents, however, were born in South Africa.
Exile
Both her parents were anti-apartheid activists and members of the South African Communist PartySouth African Communist Party
South African Communist Party is a political party in South Africa. It was founded in 1921 as the Communist Party of South Africa by the joining together of the International Socialist League and others under the leadership of Willam H...
(SACP). They went into exile in 1969, together with Marcus, her two sisters and brother. She completed her degree by correspondence with the University of South Africa. She joined the SACP and the African National Congress
African National Congress
The African National Congress is South Africa's governing Africanist political party, supported by its tripartite alliance with the Congress of South African Trade Unions and the South African Communist Party , since the establishment of non-racial democracy in April 1994. It defines itself as a...
(ANC). In 1970 she began working for the exiled ANC's Department of Information and Publicity (DIP) in London, later becoming the DIP's deputy secretary.
Return
Marcus returned to South Africa in 1990 after the ANC was unbanned. She established the ANC's Information Department in 1990.She was elected as a Member of Parliament
Member of Parliament
A Member of Parliament is a representative of the voters to a :parliament. In many countries with bicameral parliaments, the term applies specifically to members of the lower house, as upper houses often have a different title, such as senate, and thus also have different titles for its members,...
in 1994 and became Deputy Minister of Finance in the Government of National Unity of Nelson Mandela
Nelson Mandela
Nelson Rolihlahla Mandela served as President of South Africa from 1994 to 1999, and was the first South African president to be elected in a fully representative democratic election. Before his presidency, Mandela was an anti-apartheid activist, and the leader of Umkhonto we Sizwe, the armed wing...
from 1996 to 1999, serving under Trevor Manuel
Trevor Manuel
Trevor Andrew Manuel is a South African politician, currently serving in the Cabinet of South Africa as Minister in the Presidency in charge of the National Planning Commission...
. In 1999 she became Deputy Governor of the Reserve Bank under Tito Mboweni
Tito Mboweni
Tito Mboweni was the eighth Governor of the South African Reserve Bank. He succeeded Dr. Christian Lodewyk Stals on the 8 August 1999 and was succeeded by Gill Marcus who replaced him as Governor on 9 November 2009. He is currently the Chairman of AngloGold Ashanti.The youngest of three children,...
. She held the post for 5 years but left due to personality clash with Mboweni.
She then held the Professorship of Leadership and Gender Studies at the Gordon Institute of Business Science
Gordon Institute of Business Science
Gordon Institute of Business Science is the business school of the University of Pretoria in Johannesburg, South Africa and a leading South African business school. It is located in the heart of Illovo, Johannesburg, close to the Sandton financial and commercial business hub...
, before going into business, initially as chairman of Western Areas mining company and later as non-executive director of Gold Fields
Gold Fields
Gold Fields Limited is a South African gold mining firm, one of the world’s largest, which is listed on both the Johannesburg Stock Exchange and the New York Stock Exchange ....
. In 2007 she succeeded Danie Cronjé as chair of Absa Group
Absa Group Limited
The Absa Group Limited is the largest consumer bank in South Africa.- Overview :Absa is based in Johannesburg and listed on the JSE Limited and is one of South Africa's largest financial institutions...
and Absa Bank.
In July 2009, President Jacob Zuma
Jacob Zuma
Jacob Gedleyihlekisa Zuma is the President of South Africa, elected by parliament following his party's victory in the 2009 general election....
announced that she would return to the Reserve Bank to succeed Mboweni as Governor. The appointment was welcomed by both economists and trade unionists.