Arrie Rautenbach has been appointed Chief Executive Officer (CEO) of Absa Group, starting immediately.
The appointment comes after the Board completed a thorough recruitment and selection procedure.
Arrie, who is presently the Chief Executive Officer of the Group's Retail and Business Banking (RBB) unit, is the first CEO to be chosen from within the company since 2006. He has more than 25 years of banking expertise, including serving as the Group's Chief Risk Officer while also overseeing the Group Separation Program and the Group Strategy Office.
His significant banking experience, in-depth understanding of Absa gained via many executive roles over the years, and experience and strengths in strategy creation and execution for the company make him the right candidate to head the Group at this time.
Chief Executive of Retail Banking, Managing Executive of Absa Card Division, and Managing Executive of Distribution are among Absa's previous positions. In the late 1990s, he began his career with the Absa Group at Bankfin.
With immediate effect, Interim CEO Jason Quinn will resume his role as Group Financial Director.
Wendy Lucas-Bull, the outgoing Absa Group Chairman, confirmed Arrie's appointment as Group CEO on behalf of the board.
"I am confidence in his ability to deliver the consistency and stability required to solidify our mission and strategy." As I transfer over the Chairmanship of the Board of Directors to Sello on April 1, 2022, I am confident that the Group is in good hands under Arrie's executive leadership.
Wendy expressed her gratitude to Jason and Punki for their efforts. "I am delighted to give over the Chairmanship to Sello at a time when the Group is in excellent health, having generated record results for 2021 and strong capital and liquidity ratios."
"Arrie's appointment will anchor our performance and growth, as we strengthen our position as a premier financial services provider on the continent," Absa Group Chairman Designate Sello Moloko stated. On key organizational imperatives, such as talent management and change, Arrie is in sync with the Board.
"The Board is looking forward to working with Arrie and the management team to ensure that the Pan-African financial services group delivers long-term value for all of its stakeholders." In addition, I am looking forward to continue to work with Jason and Punki, and I appreciate them, as well as the Exco, for their outstanding performance over the years.