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Banking large Absa Group introduced the appointment of Arrie Rautenbach as CEO on Tuesday morning in a JSE Sens assertion. The appointment is efficient instantly.
Rautenbach is the group’s first internally appointed CEO since 2006 and hails from Absa’s retail and enterprise banking (RBB) unit.
“The appointment follows an intensive recruitment and choice course of accomplished by the Board,” Absa stated in an announcement.
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“Arrie, who’s at present Chief Govt of the group’s RBB unit… has greater than 25 years’ banking expertise, which incorporates serving because the group’s Chief Danger Officer, concurrently offering govt management for the Group Separation Programme and Group Technique Workplace,” the financial institution identified.
“His intensive expertise within the banking sector, his in-depth data of Absa by a number of govt roles over time, and his expertise and strengths in technique growth and execution for the group, positions him ideally to steer the group right now,” it added.
Absa’s interim CEO Jason Quinn will resume his place as Group Monetary Director with rapid impact, the financial institution stated.
Earlier Absa roles that Rautenbach has held embrace Chief Govt of Retail Banking, Managing Govt of Absa Card Division and Managing Govt of Distribution. He started his profession with Absa Group at Bankfin within the late Nineteen Nineties.
Absa Group’s outgoing chairperson, Wendy Lucas-Bull, expressed enjoyment of saying the appointment of Rautenbach because the group’s CEO.
“I’m assured that his management will present the continuity and stability essential to consolidate our goal and technique,” she stated.
“I do know that the group is in good arms below Arrie’s govt management as I hand over the reins of the board chairmanship to Sello [Moloko], who takes over on 1 April 2022,” added Lucas-Bull.
Moloko, Absa Group chairman designate, stated: “Arrie’s appointment will anchor our efficiency and development, as we consolidate our place as a number one monetary companies supplier on the continent. Arrie is aligned with the Board on our organisational imperatives, together with expertise administration and transformation.”
“The Board seems to be ahead to working with Arrie and the manager to make sure a Pan-African monetary companies group that creates sustainable worth for all its stakeholders.”
Rautenbach stated he’s “humbled and honoured to steer Absa throughout difficult circumstances” each on the native and worldwide entrance.
“I’m excited on the prospect of working with a gifted and numerous staff, main an impressive enterprise that’s positioned to grab the various alternatives that lie forward. I look ahead to working with the Board and the manager in consolidating our technique and efficiency, driving organisational and cultural transformation, and delivering monetary and social worth for all our stakeholders, and sustainable future development and returns for Absa and its shareholders.”
In the meantime, Punki Modise will step down as Interim Monetary Director of Absa Group and Absa Financial institution and as an govt director of the Boards, with rapid impact. She is going to take the place of interim Chief Govt: RBB and stays on the group govt committee.
Lucas-Bull thanked Quinn and Modise for his or her “vital contributions” as interim Group CEO and interim Monetary Director, respectively.
“Throughout [this] time the group’s optimistic operational momentum was maintained. I’m happy to be handing over the chairmanship to Sello, with the group in superb form, having delivered document outcomes for 2021 and with robust capital and liquidity ratios,” she added.
Moloko stated he’s wanting ahead to persevering with to work with Quinn and Modise. He additionally thanked the duo and the group’s exco for “such robust supply over the past yr, which has positioned the group on a strong footing for the long run.”
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