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According to Absa’s remuneration report for 2024, the bank spent at least R165 million on 11 executives.
Picture: iStock
In the past few days, leadership changes have occurred at South African banks, with Standard Bank giving its current group chief executive officer (CEO) an additional role, Capitec getting a new CEO, and Absa executives cashing in bonuses.
Standard Bank announced on Tuesday that Sim Tshabalala, its current group CEO, has been appointed Interim Chief Executive of The Standard Bank of South Africa Limited (SBSA).
He commenced his duties effective Tuesday.
Standard Bank Group and SBSA
The Standard Bank Group is a multinational banking and financial services company that owns and operates various businesses in Africa and beyond.
While SBSA is a subsidiary of the Standard Bank Group. It provides retail, commercial, and corporate banking services to individuals and businesses in the country.
“Accordingly, Sim will serve in a dual capacity as Chief Executive of Standard Bank Group and SBSA, and as executive director on the boards of both companies, until such time as the boards make further announcements regarding executive succession planning.”
More leadership shakeup at Standard Bank
The bank also announced that Lungisa Fuzile, the current regional chief executive for the group’s South and Central Region, has been appointed as Interim Chief Executive of Africa Regions and Offshore
Lungisa will report to Sim Tshabalala and join the Group Leadership Council (GLC).
“Lungisa and I will work together closely as we continue to develop and execute the group’s strategy regarding its footprint outside of South Africa. We congratulate Lungisa on his new role and wish him success,” said Tshabalala.
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Capitec to get new CEO
Capitec recently announced that its CEO, Gerrie Fourie, will retire in July 2025, and Graham Lee, group executive of the personal bank division, will succeed him.
Lee has been a member of the Group Executive Committee since 2022. He joined Capitec in 2003 and has held numerous strategic positions in credit, technology and data, personal bank operations, and, most recently, as a member of the Group Executive Committee.
Fourie has been on the executive management team for the past 25 years.
What has Capitec achieved?
Under the leadership of Fourie, Capitec “transformed from a challenger bank serving five million clients in 2014 to South Africa’s leading digital bank and a diversified financial services company serving more than 24 million personal and business clients.”
“Basani Maluleke will succeed Lee as group executive for the personal bank division. Maluleke, who joined Capitec in 2021, previously served as CEO of African Bank,” said Capitec.
From Standard Bank to Absa
Absa has experienced leadership instability over the years, with Kenny Fihla, former Standard Bank deputy CEO, appointed as the bank’s incoming CEO.
Fihla worked at Standard Bank for 18 years before resigning. He will begin at Absa on 17 June. Fihla’s total remuneration for 2024 was more than R67 million, including long-term incentive awards and an annual salary of R7.9 million.
However, he will forfeit at least R14.3 million in long-term incentives due to his resignation.
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Absa execs big pay day
According to Absa’s remuneration report for 2024, the bank spent at least R165 million on 11 executives.
Some of these executives include former CEO Arrie Rautenbach, whose single-figure remuneration package decreased from R37.5 million in 2023 to R23.4 million in 2024.
Outgoing interim CEO Charles Russon, who replaced Rautenbach, got an increase in remuneration from R29.7 million in 2023 to R29.8 million in 2024.
Total single-figure remuneration includes fixed remuneration, short-term incentives and long-term incentives.
Other executives
The other executives include Deon Raju, group financial director, who was brought back in 2024. Raju’s 2024 single-figure remuneration was R17.7 million.
Christopher Snyman, interim group financial director, is Raju’s predecessor. Snyman’s remuneration was at R9.5 million for 2023, and R9.1 million for 2024.
Jason Quinn, former group financial director and now Nedbank’s CEO, received R8.7 million in 2023.
Christine Wu, CEO of Everyday Banking, received R11.6 million in 2024, while Faisal Mkhize, CEO of Relationship Banking, received R17.5 million.
Geoffrey Lee, CEO of Product Solutions Cluster received an increase from R16.1 million in 2023 to R19 million in 2024.
Saviour Chibiya, CEO of Absa Regional Operations, saw an increase of R16.9 million in 2023, to R16.8 million in 2024.
Yasmin Masithela, Interim CEO of CIB received R17.5 million in 2024. While Cowyk Fox, former CEO of Everyday Banking received R15.5 million in 2023, and R2.6 million in 2024.
Considering the various leadership changes within the group, Absa’s total single-figure remuneration for its key executives rose from R149.9 million in 2023 to R164.9 million in 2024.
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