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BL Premium reports that the Public Investment Corporation (PIC) has lambasted Absa for appointing a white male as the bank’s new CEO.
The state-run PIC, which invests on behalf of the Government Employees Pension Fund (GEPF), said in a statement on Friday that it had expressed its “downright disappointment” to the Absa board over its decision to appoint Arrie Rautenbach as CEO. The PIC, which is Absa’s fourth-largest shareholder with a 5.41% stake as of 2021, added that it was concerned about the apparent instability at the bank’s executive level and said it wanted an urgent meeting with the board to discuss its transformation strategy. Absa named Rautenbach, the former head of its retail and business banking unit, as its fourth CEO in three years to end an almost year-long leadership vacuum in the wake of Daniel Mminele’s abrupt exit in April 2021. Mminele, the bank’s first black CEO, left less than 16 months into the role over apparent differences with the board over strategy. “The PIC believes this is yet another missed opportunity for the Absa board to publicly demonstrate its commitment to purposefully transform the banking group and to advance diversity, inclusivity, and racial and gender equity, at the most senior levels of organisation,” the state-run fund manager said.
- Read the full original of the report in the above regard by Garth Theunissen and Nico Gous at BusinessLive (subscriber access only)
- Read too, PIC blasts Absa’s appointment of white CEO as 'downright disappointment', at Fin24
- En ook, OBK vies oor aanstelling van wit man as Absa-hoof, by Maroela Media
Get other news reports at the SA Labour News home page