Chief executive Arrie Rautenbach stepped down from Absa Group on 15 October 2024, ahead of an early retirement agreed with the board and first announced on 19 August 2024. Charles Russon, who had been serving as chief executive of Absa Corporate and Investment Banking, took office as Interim Group Chief Executive Officer on 15 October 2024, following regulatory approval announced on 8 October, while the board runs a formal process to identify a permanent successor to lead the group.
The handover completes a leadership transition first announced in August 2024. Rautenbach, who joined the bank in 1997, had been group chief executive since 2022, after the separation from Barclays had largely been completed.
SUCCESSION PROCESS
The formal succession process announced by the board will be conducted to identify a permanent Group CEO.
Absa Group operates across 12 African countries.