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Business Times reports that Absa is caught up in another transformation storm after senior black executives confronted group CEO Arrie Rautenbach over recent critical senior appointments, including the planned removal of the head of the group’s Africa operations.
But the bank has defended the appointments announced last month, saying they were “meticulously crafted to propel our growth objectives and fortify our position in the market”. According to inside sources, apart from a set of changes in April, senior black executives also opposed Rautenbach’s intention to remove Saviour Chibiya as head of regional operations in Africa. Rautenbach announced internally that Chibiya, who began his banking career in Zambia, would be replaced by Ravin Dajee, head of Absa operations in Mauritius. However, Chibiya has challenged the decision and this, together with a mini-revolt by some colleagues, is said to have stalled the personnel change. In Chibiya’s view, the regional operations division has performed “exceptionally” on his watch. Black executives used an Absa management session led by Rautenbach and the group’s senior executive team last Monday to vent their frustration, and to question the choice of Dajee. Aggrieved executives are also said to have confronted Rautenbach over the other senior personnel changes announced last month. Deon Raju assumed the role of group FD, succeeding Jason Quinn, who had moved to Nedbank as CEO. Rajal Vaidya was named interim group chief risk officer, while Christine Wu replaced Cowyk Fox as CEO of the Everyday Banking business unit. But, the appointments caused ructions because some believed proper processes were not followed and that the changes were a setback to transformation. “It is clear they did not invite other candidates [to apply]. It was a matter of moving chairs. That kind of process for such a position deprives the company of getting competitive talent,” said one unhappy executive.
- Read the full original of the report in the above regard by Dineo Faku at Business Times (subscriber access only)
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