Absa Seeks New CEO After Rautenbach’s Exit

Absa is on the lookout for a new CEO after Arrie Rautenbach decided to take early retirement. This comes after some discussions with the board, amid rumors that he wasn’t getting the support he needed from his executive team.

Rautenbach will officially step down from his role on October 15 and will spend six months on garden leave, meaning he won’t be taking on any responsibilities during that time. The board expressed gratitude for his commitment and contributions over his 27-year career with the bank.

In the meantime, Charles Russon will step in as the interim CEO. He’s been with Absa since 2006 and has held several top positions, including leading the Corporate and Investment Bank (CIB) division since 2018. This makes him the sixth leader to take the helm at Absa in just six years.

The search for a new permanent CEO comes as Absa’s earnings and stock performance have struggled compared to its competitors. This situation highlights a significant leadership turnaround, especially when you consider that other banks like Standard Bank and Nedbank have had steady leadership.

Rautenbach’s retirement follows Jason Quinn‘s recent move to Nedbank after a short stint at Absa. After Maria Ramos left in 2019, the bank moved through a series of CEOs that raised some eyebrows regarding stability and direction.

As Charles Russon prepares to temporarily lead the company, Yasmin Masithela will also take over as the interim head of the CIB, starting October 15. She has been involved at the executive level since 2019 and has a solid educational background, holding degrees from the University of Cape Town.