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Absa in search of seventh CEO in less than seven years as Arrie Rautenbach takes early retirement

Details

AbsaBusinessLive reports that Absa is looking for yet another CEO after incumbent Arrie Rautenbach opted for early retirement following “discussions with the board” after weeks of speculation that he did not enjoy the support of his executive team.

He will cease to be the CEO and an executive director of the board from 15 October, followed by a six-month contractual notice period that will be served as garden leave. He will serve the group in his current role until 15 October. Charles Russon will become interim CEO of Absa Group and Absa Bank from 15 October, subject to regulatory approval. He will also become an executive director on the boards. Russon becomes the sixth CEO, either on an acting or permanent CEO of Absa since 2019. The announcement means Absa is in search of its seventh CEO, whether in a permanent or acting capacity, in just six years. The leadership instability at the bank is in stark contrast to its peers. Russon has been CEO of Absa’s Corporate and Investment Bank (CIB) since 2018 and a group executive committee member since 2014. He joined Absa Capital in 2006 as CFO and has held numerous senior roles in the group, including regional head of finance for Absa Group, COO for Absa Group and CEO: engineering services for Absa Group. Yasmin Masithela will become interim CEO of Absa’s CIB effective from 15 October. She is currently managing executive: corporate transactional banking at CIB and has been in that role since May 2019.

  • Read the full original of the report in the above regard by Kabelo Khumalo & Jacqueline Mackenzie at BusinessLive
  • Read too, Absa CEO Arrie Rautenbach agrees to take early retirement, at Fin24 (registration required)


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