Absa Group has announced the appointment of Charles Russon as its interim Chief Executive Officer (CEO), effective October 15, 2024.
Mr Russon will take over from Arrie Rautenbach, who is set to retire on April 15, 2025.
Mr Russon, who has been with Absa Capital since 2006, brings a wealth of experience to the role. He will also join several key committees within the group, including the Group Risk and Capital Management Committee, the Social Sustainability and Ethics Committee, the Group Credit Risk Committee, and the Information Technology Committee.
Yasmin Masithela will take over from Mr Russon as the Interim CEO of Absa’s Corporate and Investment Bank.
Russon’s appointment comes at a time of leadership turnover for Absa.
According to reports, the group has had six CEOs in the past six years, including Maria Ramos, René van Wyk, Daniel Mminele, Jason Quinn, and Arrie Rautenbach.
Mr Rautenbach’s decision to retire early follows a period in which the group’s headline earnings per share saw a 5% decline to 1,228.4 cents in the first half of 2024.
Absa noted it is now searching for its seventh permanent CEO.
The group’s share price and financial performance have been trailing those of its peers.
Other recent leadership changes in South African banking include Harry Kellan moving from FirstRand Chief Financial Officer (CFO) to FNB CEO, Mary Vilakazi being promoted from FirstRand Chief Operating Officer (COO) to CEO, and Jason Quinn taking over as Nedbank CEO.
Absa Group is a multinational banking and financial services conglomerate headquartered in Johannesburg, South Africa.
It is one of Africa’s largest diversified financial services groups, with a presence in 12 countries across the continent and around 42,000 employees.
Absa Group offers a wide range of financial services, including retail banking, business banking, corporate and investment banking, wealth and investment management, and bank assurances.
