Kaya 959 Reporter
Arrie Rautenbach has been appointed as Chief Executive Officer of the ABSA Group.
The bank stated in a statement that the appointment came after a rigorous recruitment and selection procedure by the board.
Sello Moloko, Absa Group Chairman Designate, said: “Arrie’s appointment will anchor our performance and growth, as we consolidate our position as a leading financial services provider on the continent.”
“Arrie is aligned with the Board on our organisational imperatives, including talent management and transformation. The Board looks forward to working with Arrie and the executive to ensure a Pan-African financial services Group that creates sustainable value for all its stakeholders.”
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Kaya Biz with Gugulethu Mfuphi spoke to Kganki Matabane the CEO of the Black Business Council (BBC), who gave the BBC’s reaction and stance on Rautenbach’s appointment as the new CEO.
“Our point is that we note the appointment and we want to focus on the future, we don’t want to dwell on the past, and we have requested a meeting. They have a new chairperson coming in next month, and we will be discussing a few things about the future.
“We are very much interested in the EXCO, the type of people who are going to sit on EXCO and their diversity. We are also looking at what is called the profit and loss divisions, and profit centres to see who is going to occupy those types of positions because that then talks to succession planning. Remember Absa has struggled with succession planning for some time.” said Matabane.
Rautenbach joined Absa in 1997 and has held a number of prominent positions, including chief risk officer and head of the card and branch network divisions.
Rautenbach is the group’s retail and business banking division’s current CEO.
Since 2006, he is the first CEO to be appointed from within the company.
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