Absa Group CEO to retire early

Absa announced this morning that its Group CEO, Arrie Rautenbach, will retire early after a career of 27 years at the bank. Charles Russon will become interim group chief executive pending regulatory approval, as well as executive director on Absa’s boards.

According to a press release from Absa, Rautenbach “agreed to take early retirement” after “engagements between the board and the group chief executive”, effective from 15 April 2025.  He will cease to be the Group CEO and executive director of the Absa Group and Absa Bank from 15 October 2024, followed by a 6-month contractual notice period which will be served as “garden leave”.

The Absa board said in the statement that it thanks Rautenbach for his “commitment and extensive contribution” and wishes him well in his retirement. Russon was appointed to enable a smooth transition, while the board finds a new permanent group chief executive.

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Interim chief executive Charles Russon

Russon has been chief executive of Absa’s Corporate and Investment Bank since 2018 and a group executive committee member since 2014. He joined Absa Capital in 2006 as chief financial officer and held numerous senior roles in the group, including regional head of finance for Absa Group, chief operating officer for Absa Group and chief executive: engineering services for Absa Group.

He completed his articles with KPMG and then worked for Merrill Lynch in London and Deutsche Bank in London and Frankfurt. He is a member of The South African Institute of Chartered Accountants and holds a Bachelor of Commerce degree from Rhodes University.

Yasmin Masithela will become interim chief executive officer of Absa’s Corporate and Investment Bank in Russon’s place, subject to regulatory approval. She is currently managing executive corporate transactional banking, CIB and previously held the positions on Group Exco as chief executive strategic services, and chief compliance officer, respectively. She holds a BA and LLB (UCT), Higher Diploma in Company Law (WITS) and LLM, Tax Law (WITS).