Absa CEO Arrie Rautenbach is set to retire early, less than two and a half years after assuming the role as head of South Africa’s fourth-largest bank.
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Rautenbach’s departure, after over 27 years with Absa, coincides with the release of the group’s interim results. He became CEO in March 2022, following Daniel Mminele, Absa’s first black CEO, who stepped down in April 2021 due to strategic disagreements with the board.
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Absa announced that, after discussions with the board, Rautenbach will retire effective 15 April 2025. He will step down as CEO and executive director on 15 October 2024 and serve a six-month notice period on garden leave until his official retirement date.
Rautenbach’s appointment had been criticised by the Public Investment Corporation (PIC) and the Association of Black Securities and Investment Professionals (ABSIP) due to concerns over the selection of a white male for the position.
Recently, The Sunday Times reported tensions within Absa, claiming that Rautenbach faced a loss of confidence from some executives who preferred a black African CEO.
Absa dismissed this report as a ‘malicious and sensational distortion.’
Charles Russon, currently leading the corporate and investment banking (CIB) division, will take over as interim CEO from 15 October 2024, pending regulatory approval.
Yasmin Masithela, managing executive for corporate transactional banking in CIB since May 2019, will become interim CEO of Absa CIB starting the same date, also subject to regulatory approval.
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Picture: Arrie Rautenbach / LinkedIn