BL Premium reports that Absa has its fourth boss in three years, promoting Arrie Rautenbach, head of its retail and business bank, to the CEO role and ending a leadership vacuum that lasted 11 months after the abrupt departure of Daniel Mminele.
Tuesday’s appointment of Rautenbach comes as the group pushes to regain market share in key divisions in a fiercely competitive industry looking for new streams of income beyond basic financial services. This appointment is said to underline Absa’s determination to advance its 2018 strategy to grow its business substantially elsewhere in Africa, win back market share at home and expand the corporate and investment banking division. The strategy was mapped out by a team involving Rautenbach and had to be tweaked in the wake of the pandemic. But handing the job to a 25-year veteran of the company may be seen as a setback to transformation. Mminele was the first black executive to lead Absa. Wendy Lucas-Bull, who will step down as chair at the end of the month, said SA’s fourth-biggest lender by market value was committed to transformation. Rautenbach, who becomes the first internally appointed CEO since 2006, has risen through the ranks since joining Absa in 1997.
- Read the full original of the report in the above regard by Andries Mahlangu at BusinessLive (subscriber access only)
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