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BusinessTech reports that Charles Russon has received regulatory approval to be appointed as interim CEO of Absa Group, becoming the sixth CEO in as many years.
Russon will also replace outgoing CEO Arrie Rautenbach as a member of the Group Risk and Capital Management Committee, Social Sustainability and Ethics Committee, Group Credit Risk Committee and the Information Technology Committee. Yasmin Masithela replaces Russon as interim CEO of Absa’s Corporate and Investment Bank. Both appointments will be effective on 15 October 2024. Russon joined Absa Capital in 2006 as CFO and has held several senior roles at the group. He is a chartered accountant and previously worked for Merrill Lynch and Deutsche Bank. Russon takes over from Rautenbach, who will enter early retirement on 15 April 2025. Rautenbach will cease to be the CEO and an executive director from 15 October 2024 and will serve a six-month contractual notice period, which will serve as his gardening leave before he retires. Absa has had six CEOs since 2019, with the company struggling to find consistency at the executive level. With its share price and financial performance trailing those of its peers, Absa is now searching for its seventh permanent CEO. Absa, however, is not the only bank under new management. Harry Kellan has moved from FirstRand CFO to FNB CEO, while Mary Vilakazi was also promoted from FirstRand COO to CEO. Former Absa executive Jason Quinn took over as Nedbank CEO in May after Mike Brown’s 14 years in charge.
- Read the full original of the report in the above regard by Luke Fraser at BusinessTech
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