South Africa’s Absa Group CEO to Retire in 2025
Absa Group, one of South Africa’s leading financial institutions, announced on Monday that CEO Arrie Rautenbach will take early retirement, effective April 15, 2025.
The decision follows discussions between Rautenbach and the board, though further details were not disclosed.
To ensure a smooth transition, Charles Russon, current CEO of Absa’s Corporate and Investment Bank (CIB), will step in as interim CEO of both Absa Group and Absa Bank on October 15, 2024, pending regulatory approval. Russon has been with Absa since 2014 and has led the CIB since 2018.
His appointment is intended to provide stability while the board conducts a thorough search for a permanent CEO.
“Charles’ appointment will enable a smooth transition, while the board conducts a diligent search for a new permanent group chief executive,” Absa said in a statement.
Rautenbach, who has been with Absa since 1997, took over as CEO in 2022, following the departure of Maria Ramos in 2019. During his tenure, Rautenbach became the fourth CEO to lead the bank since Ramos’ exit.
Yasmin Masithela, currently a senior executive at Absa, will succeed Russon as interim CEO of the Corporate and Investment Bank, also effective October 15, 2024.
Rautenbach will serve a six-month contractual notice period, during which he will be on garden leave.
His retirement marks the end of a long career at Absa, where he has played a key role in steering the bank through various challenges and changes in the financial sector.
Source: CNBC AFRICA
