By ABSA Group has on Monday, 19 August 2024, announced the early retirement of its Group CEO Mr Arrie Rautenbach following an agreement with the Board.
Rautenbach, after leading the Group for 27 years will hang his boots early from 15 April 2025. ABSA reported a 3% increase in Revenue in the first half of 2024 totalling R53. 7 billion; however, the Group also recorded a decrease in headline earnings of 5% to R10.2 billion.
Arrie Rautenbach will take his early retirement against this backdrop and in the interim will be replaced by Charles Russon as Chief Executive Officer of Absa Group and Absa Bank effective 15 October 2024, subject to regulatory approval.
“He will also become an Executive Director on these Boards. Charles’ appointment will enable a smooth transition, while the Board conducts a diligent search for a new permanent Group CE,” said the Board.
ABSA says Rautenbach’s early retirement was also communicated to the market this morning via a SENS announcement, as required in terms of the JSE Listings Requirements and the Companies Act.
“Arrie will cease to be the Group Chief Executive Officer and an Executive Director of the Absa Group and Absa Bank with effect from 15 October 2024, followed by a 6-month contractual notice period which will be served as garden leave,” said the Board.
The Board says Charles has been Chief Executive of Absa’s Corporate and Investment Bank since 2018 and a Group Executive Committee member since 2014. He joined Absa Capital in 2006 as Chief Financial Officer, and has held numerous senior roles in the group, including Regional Head of Finance for Absa Group, Chief Operating Officer for Absa Group and Chief Executive: Engineering Services for Absa Group. Charles completed his articles with KPMG and then worked for Merrill Lynch in London and Deutsche Bank in London and Frankfurt. He is a member of The South African Institute of Chartered Accountants and holds a Bachelor of Commerce degree from Rhodes University.
“Yasmin Masithela will become Interim Chief Executive Officer of Absa’s Corporate and Investment Bank effective 15 October 2024, subject to regulatory approval. A seasoned executive, Yasmin is currently Managing Executive Corporate Transactional Banking, CIB and has been in that role since May 2019.
She previously held the positions on Group Exco as Chief Executive Strategic Services, and Chief Compliance Officer, respectively. Prior to that, Yasmin was General Counsel for Wealth Investment Management and Insurance. She was a founding partner of Phukubje Pierce Masithela Attorneys, and headed up Project and Export Finance for Siemens Limited. Prior to that, she was an Associate at Webber Wentzel & Bowens where she completed her articles. Yasmin holds a BA and LLB (UCT), Higher Diploma in Company Law (WITS) and LLM, Tax Law (WITS),” the Board concluded.
