Absa Group on Monday mentioned CEO Arrie Rautenbach will take early retirement from the corporate, efficient on 15 April 2025.
Charles Russon will turn out to be interim CEO of Absa Group and Absa Financial institution efficient on 15 October 2024, topic to regulatory approval, the financial institution mentioned in a press release.
“Charles’s appointment will allow a easy transition, whereas the board conducts a diligent seek for a brand new everlasting group chief govt,” Absa mentioned.
Absa mentioned the change was taken following “engagements” between the board and Rautenbach however gave no additional particulars. Rautenbach can be on a six-month contractual discover interval that can be served as backyard depart, the lender mentioned.
Rautenbach has been with the financial institution since 1997 and took the helm in 2022, turning into the fourth individual to take the reins for the reason that departure of longstanding CEO Maria Ramos in 2019.
Russon has been CEO of Absa’s Company and Funding Financial institution since 2018 and a gaggle govt committee member since 2014. Yasmin Masithela will turn out to be interim CEO of Absa’s Company and Funding Financial institution efficient on 15 October. — (c) 2024 Reuters
