Absa Group announces early retirement of CEO, names interim successor

Absa Group has announced that its Group Chief Executive Officer, Arrie Rautenbach, will take early retirement, effective from April 15, 2025.

This decision comes after discussions between the Board and Mr. Rautenbach, culminating in an agreement that will see him step down from his role as Group CEO and Executive Director of Absa Group and Absa Bank on October 15, 2024. 

Mr. Rautenbach will then serve a six-month notice period in garden leave.

The Board in a press release expressed its gratitude to Mr. Rautenbach, who has spent 27 years with Absa, for his dedication and significant contributions to the organization. 

In light of his departure, Mr. Charles Russon has been appointed as Interim Chief Executive Officer of Absa Group and Absa Bank, starting from October 15, 2024, pending regulatory approval. 

Mr. Russon, who has been with Absa since 2006, currently serves as the Chief Executive of Absa’s Corporate and Investment Bank. His extensive experience within the group, including roles such as Chief Financial Officer and Chief Operating Officer, positions him well to lead during this transition. Russon’s appointment will also see him join the Boards of Absa Group and Absa Bank as an Executive Director.

To ensure continued leadership in the Corporate and Investment Bank division, Yasmin Masithela has been named Interim Chief Executive Officer of Absa’s Corporate and Investment Bank, effective October 15, 2024. 

Mr. Masithela, who is currently Managing Executive of Corporate Transactional Banking at Absa, brings a wealth of experience from her previous roles, including Chief Executive of Strategic Services and Chief Compliance Officer at Absa.

The Board has conveyed its best wishes to both Mr. Russon and Mr. Masithela as they take on their new interim roles.

Absa Group Limited, listed on the Johannesburg Stock Exchange, is one of Africa’s largest diversified financial services groups, offering a wide range of banking, wealth management, and insurance services across the continent. The Group holds significant stakes in banks across multiple African countries and operates additional offices and entities globally.