Absa CEO Arrie Rautenbach announces early retirement

Oluwatosin Racheal Alabi -

Key Points

  • Arrie Rautenbach announces early retirement as Absa Group CEO, effective April 2025, after 27 years with the bank.
  • Charles Russon will serve as interim CEO starting Oct. 2024, pending regulatory approval, amid Absa’s ongoing market challenges.
  • Yasmin Masithela takes on the role of Interim CEO for Absa’s Corporate and Investment Bank, supporting the leadership transition.

Absa Group has announced the early retirement of its Group Chief Executive Officer, Arrie Rautenbach, effective from 15 April 2025.

Following discussions with the Board, Rautenbach will step down as CEO and executive director of Absa Group and Absa Bank on 15 October 2024. He will then serve a six-month garden leave period until his official retirement.

Rautenbach, who became CEO in 2022, is the sixth leader to head the bank in the past six years. His 27-year career with Absa includes significant contributions to the organization’s growth.

The Absa Board expressed its gratitude for Rautenbach’s dedicated service and the impact he made during his tenure.

Absa group under Arrie Rautenbach

Under the leadership of Arrie Rautenbach, Absa Group has demonstrated robust financial performance, surpassing $5 billion in revenue for fiscal 2023.

Notable moves include a multi-million dollar vehicle finance partnership with Renault South Africa, a subsidiary of the French multinational automobile manufacturer Renault, and a $60 million trade finance facility provided to Volcafe, a leading green coffee merchant, in collaboration with the International Finance Corporation (IFC).

Charles Russon takes the helm as interim CEO

Charles Russon, currently the Chief Executive of Absa’s Corporate and Investment Bank, will step in as the interim Group Chief Executive Officer on 15th, Oct. 2024. His appointment is pending regulatory approval, and he will also join the boards of Absa Group and Absa Bank as an executive director.

Russon’s experience at Absa dates back to 2006. He has held several key positions, including Chief Financial Officer of Absa Capital, Regional Head of Finance, Chief Operating Officer, and Chief Executive of Engineering Services.

A chartered accountant and Rhodes University graduate, Russon also gained international experience at Merrill Lynch and Deutsche Bank in London and Frankfurt.

Absa has struggled to maintain market share in recent years. The Board believes that Russon’s leadership will provide the stability needed during this transition. They plan to conduct a thorough search for a permanent Group Chief Executive.