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Fin24 reports that Absa has denied a report by the Sunday Times alleging that its senior leadership has lost confidence in CEO Arrie Rautenbach.
The newspaper wrote that Rautenbach allegedly "broke down" at a 25 July meeting of the bank's top 250 senior leaders after attempts by him to explain that he was not "anti-transformation" fell on deaf ears. Unnamed Absa executives allegedly told Rautenbach they had lost confidence in him and wanted "a black African CEO". While Absa confirmed that a meeting of about 250 of its senior leadership was held last week, it said the purpose had been to reconfirm the group’s commitment to the execution of its business strategy and transformation, amongst other topics. "Absa refutes the portrayal of the proceedings of the high-level leadership conference. The article’s representation of proceedings is a malicious and sensational distortion of the true nature of this private event, which was an internal and constructive deliberation among the senior leadership group," the bank commented. Absa's transformation credentials have been under sharp scrutiny since former CEO Daniel Mminele, the bank's first black CEO, left in April 2021 less than 16 months into the role over differences with its board. Rautenbach replaced Mminele with effect from March 2022, prompting criticism from the Public Investment Corporation, the Association of Black Securities and Investment Professionals and others over the selection of a white male CEO.
- Read the full original of the report in the above regard compiled by Garth Theunissen at Fin24
- Read too, CEO’s plea to bosses as discord rocks Absa, at Sunday Times (subscriber access only)
Get other news reports at the SA Labour News home page