Amalgamated Banks of South Africa, ABSA, a financial services group, has appointed Arrie Rautenbach as CEO, effective immediately.
Rautenbach comes from Absa’s retail and business banking (RBB) unit and is the group’s first internally chosen CEO since 2006.
Absa’s decision to select an inside executive to the top job and to steady the ship comes after a challenging year for the banking business on the board and at the executive level in 2021
Absa was shaken last year by the Sipho Pityana chairperson disaster in November and former Group CEO Daniel Mminele’s resignation in April following a brief tenure in the job.
“The appointment follows a thorough recruitment and selection process completed by the Board.
“Arrie, who is currently Chief Executive of the group’s RBB unit… has more than 25 years’ banking experience, which includes serving as the group’s Chief Risk Officer, simultaneously providing executive leadership for the Group Separation Programme and Group Strategy Office.
“His extensive experience in the banking sector, his in-depth knowledge of Absa through several executive roles over the years, and his experience and strengths in strategy development and execution for the group, positions him ideally to lead the group at this time,” Absa said in a statement.
Jason Quinn, Absa’s temporary CEO, will resume his role as Group Financial Director with immediate effect, the bank announced.
Rautenbach has previously held the positions of Chief Executive of Retail Banking, Managing Executive of Absa Card Division, and Managing Executive of Distribution at Absa. In the late 1990s, he began his career with the Absa Group at Bankfin.
Wendy Lucas-Bull, the outgoing chairman of Absa Group, expressed her joy at Rautenbach’s selection as CEO.
Rautenbach described himself as “humbled and honoured” to lead Absa through “difficult situations” both at home and abroad.
He said; “I am excited at the prospect of working with a talented and diverse team, leading an outstanding business that is positioned to seize the many opportunities that lie ahead.
“I look forward to working with the Board and the executive in consolidating our strategy and performance, driving organisational and cultural transformation, and delivering financial and social value for all our stakeholders, and sustainable future growth and returns for Absa and its shareholders.”