South Africa's Absa CEO Arrie Rautenbach to retire next year
Adds quote and further details on Rautenbach and Russo from paragraph 3
JOHANNESBURG, Aug 19 (Reuters) -South African lender Absa Group ABGJ.J on Monday said Chief Executive Officer Arrie Rautenbach will take early retirement from the company, effective on April 15, 2025.
Charles Russon will become interim CEO of Absa Group and Absa Bank effective on Oct. 15, 2024, subject to regulatory approval, the bank said in a statement.
"Charles' appointment will enable a smooth transition, while the board conducts a diligent search for a new permanent group chief executive," Absa said.
Absa said the change was taken following "engagements" between the board and Rautenbach, but gave no further details.
Rautenbach will be on a 6-month contractual notice period that will be served as garden leave, the lender said.
Rautenbach has been with the bank since 1997 and took the helm in 2022, becoming the fourth person to take the reins since the departure of longstanding CEO Maria Ramos in 2019.
Russon has been CEO of Absa's Corporate and Investment Bank since 2018 and a group executive committee member since 2014. Yasmin Masithela will become interim CEO of Absa's Corporate and Investment Bank effective on Oct. 15.
Reporting by Nqobile Dludla; Editing by Tom Hogue
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
