South African lender Absa Group announced on Monday that CEO Arrie Rautenbach will take early retirement, effective April 15, 2025. Charles Russon, currently the CEO of Absa’s Corporate and Investment Bank, will step in as interim CEO of both Absa Group and Absa Bank starting October 15, 2024, pending regulatory approval.
The decision follows discussions between the board and Rautenbach, though further details were not disclosed. Rautenbach, who has been with Absa since 1997 and became CEO in 2022, will serve a six-month notice period on garden leave.
Russon, who has led Absa’s Corporate and Investment Bank since 2018 and has been on the group executive committee since 2014, will temporarily assume the CEO role while the board searches for a permanent successor. Yasmin Masithela will take over as interim CEO of Absa’s Corporate and Investment Bank on October 15, 2024.
Suggested Topic: Absa Group CEO Arrie Rautenbach Announces Early Retirement, Interim Leadership Appointed
