Absa CEO Arrie Rautenbach Announces Early Retirement

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Absa CEO Arrie Rautenbach Announces Early Retirement
ABSAArrie RautenbachCEO
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Veteran banker Arrie Rautenbach steps down as CEO of Absa Group after facing challenges and rumors of a leadership change.

Arrie Rautenbach , a veteran banker with over three decades of experience, has announced his early retirement from his position as CEO of Absa Group. Rautenbach's career at Absa spanned nearly his entire working life, starting in the 1990s and progressing through various roles, including Managing Executive of Distribution, Managing Executive of Absa Card Division, and Chief Executive of Retail Banking .

He rose to prominence within the organization, serving as Chief Risk Officer, leading the Group Separation Programme and Group Strategy Office, and ultimately becoming CEO of Retail Banking. He also held board positions at prominent institutions like the Banking Association of South Africa (BASA), Ford Financial Services, and Woolworths Financial Services.In March 2022, Rautenbach assumed the role of Absa Group's CEO, succeeding Daniel Mminele. Mminele, who made history as the first Black CEO of Absa, resigned after only 16 months in January 2020. Rautenbach's appointment came amidst challenges faced by Absa, including declining profits, loss of market share to competitors, human resource issues, governance lapses, and a slow pace of transformation.Rumors circulated in July 2024 that Rautenbach's position was in jeopardy due to a loss of confidence from the bank's top leadership, with some advocating for a Black CEO. However, Absa's financial director, Deon Raju, denied these claims, stating that Rautenbach's retirement was a mutual agreement with the board to step down at the right time. Rautenbach's retirement took effect on October 15, 2024, after a six-month notice period. Charles Russon, the CEO of the Group's Corporate and Investment Bank since 2018, was appointed as the interim CEO.Absa has committed to a thorough search for a suitable replacement, prioritizing the best candidate for the role while acknowledging the importance of transformation.

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