Absa Group’s Chief Executive Officer, Arrie Rautenbach, will take early retirement effective April 15, 2025, following discussions with the Board.

This decision was officially communicated via a SENS announcement, in accordance with the JSE Listings Requirements and the Companies Act.

Rautenbach will step down as Group CEO and Executive Director of Absa Group and Absa Bank on October 15, 2024.

He will then serve a six-month notice period, during which he will be on garden leave.

The Board expressed its gratitude to Rautenbach for his 27 years of service and dedication to the Group, wishing him well in his retirement.

To ensure a smooth transition, Charles Russon, the current Chief Executive of Absa’s Corporate and Investment Bank, will take over as Interim CEO of Absa Group and Absa Bank, effective October 15, 2024, pending regulatory approval.

Mr Russon, who has been with Absa since 2006, brings extensive experience in leadership roles across the Group.

In addition, Yasmin Masithela, currently Managing Executive of Corporate Transactional Banking at Absa CIB, will step into the role of Interim CEO of Absa’s Corporate and Investment Bank on the same date, also pending regulatory approval.

Masithela, a seasoned executive with a strong legal and financial background, has held several key positions within Absa.

The Board extended its best wishes to both Charles Russon and Yasmin Masithela as they assumed their interim leadership roles.