Charles Russon has been granted regulatory approval to assume the role of interim CEO of Absa Group, marking his position as the sixth individual to take on the CEO mantle within a span of six years. In addition to his new role as interim CEO, Russon will be stepping into the shoes of the departing CEO, Arrie Rautenbach, by joining several key committees within the group. These include the Group Risk and Capital Management Committee, the Social Sustainability and Ethics Committee, the Group Credit Risk Committee, and the Information Technology Committee.
Simultaneously, Yasmin Masithela will be taking over from Russon as the Interim CEO of Absa’s Corporate and Investment Bank. Both Russon’s and Masithela’s appointments are set to commence on October 15, 2024.
Russon’s journey with Absa Capital began in 2006 when he joined as the CFO. Since then, he has ascended through various senior positions within the group, including Regional Head of Finance, Chief Operating Officer, and Chief Executive of Engineering Services. His professional background is rooted in accounting, having earned the designation of chartered accountant and having written articles for KPMG. His career also includes stints at Merrill Lynch and Deutsche Bank in London and Frankfurt.
Russon is slated to take the helm from Rautenbach, who has planned to enter early retirement on April 15, 2025. Rautenbach will officially relinquish his roles as CEO and Executive Director on October 15, 2024, and will subsequently observe a six-month contractual notice period, which will double as his gardening leave preceding his retirement.
Rautenbach’s decision to retire early follows a period in which the group’s headline earnings per share saw a 5% decline to 1,228.4 cents in the first half of 2024, a performance that lagged behind that of its competitors.
Absa’s leadership has seen a high turnover rate, with six CEOs at the helm since 2019, indicating a struggle to maintain executive stability. Maria Ramos served as the group’s leader from 2009 until her departure in 2019, after which René van Wyk stepped in as interim leader until 2020. Daniel Mminele, a former Deputy Governor of the Reserve Bank, succeeded as the permanent CEO but left after 16 months due to strategic disagreements with the board. Jason Quinn then filled the interim CEO role until early 2022, paving the way for Rautenbach to steer the group.
- Maria Ramos – March 2009 to February 2009
- René van Wyk – March 2019 to January 2020
- Daniel Mminele – January 2020 to April 2021
- Jason Quinn – April 2021 to March 2022
- Arrie Rautenbach – March 2022 to October 2024
- Charles Russon – October 2024 onward
With its share price and financial performance trailing those of peers, Absa is now searching for its seventh permanent CEO. Absa, however, is not the only bank under new management. Harry Kellan has moved from FirstRand CFO to FNB CEO, while Mary Vilakazi was also promoted from FirstRand COO to CEO. Nedbank is now also under the leadership of former Absa executives. Quinn took over as Nedbank CEO in May after Mike Brown’s 14 years in charge, while Mminele has been Nedbank’s chairman since last year.
