Cape Town – Absa Group has announced that CEO Arrie Rautenbach will retire early, effective April 15, 2025.
Charles Russon will serve as interim CEO starting October 15, 2024, pending regulatory approval, as the bank searches for a permanent replacement.
“Following engagements between the Board and the Group Chief Executive, Arrie Rautenbach, the parties have agreed that Arrie will take early retirement from the Group, effective from 15 April 2025. This was communicated to the market this morning via a SENS announcement, as required in terms of the JSE Listings Requirements and the Companies Act,” a statement read.
Group CEO Retirement – ABSA
19 August 2024
For immediate release
Early Retirement of Absa Group Chief Executive Officer, Arrie Rautenbach and appointment of Charles Russon as Interim Group Chief Executive
Following engagements between the Board and the Group Chief Executive,… pic.twitter.com/Ep9ozXpe7N
— Asante Mokhuoa (@AsanteOnBoards) August 19, 2024
“Charles’ appointment will enable a smooth transition, while the Board conducts a diligent search for a new permanent Group Chief Executive.”
Rautenbach, who has been with Absa since 1997 and became CEO in 2022, will serve a six-month notice period on garden leave.
STEPPING DOWN
Absa CEO Arrie Rautenbach (59) will take early retirement in April 2025, following over 27 years with the bank. He will step down as CEO on 15 October 2024, serving six months of garden leave.
Charles Russon, head of Absa’s Corporate and Investment Banking (CIB)… pic.twitter.com/dDvlJnbULi
— Business Explainer (@TheBizExplainer) August 19, 2024
Russon, currently CEO of Absa’s Corporate and Investment Bank, will be succeeded by Yasmin Masithela in an interim capacity.
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By Betha Madhomu
