South Africa’s Absa Bank Group has appointed Arrie Rautenbach as its new CEO effective immediately.
Rautenbach had currently been serving as Absa’s head of retail and business banking and will now be leaping to the head of the banking group, replacing the previous CEO Daniel Mminele who quit the bank in April last year.
“The Absa Group board and the group chief executive, Daniel Mminele have come to an agreement pursuant to which he has stepped down as a director and group chief executive and will be leaving the group with effect from 30 April 2021,” the Group shared at the time.
According to Media24, Rautenbach has been at Absa since 1997 and has held many senior positions at the bank, including chief risk officer, as well as the leading role in its card and branch network divisions.
“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.
Rautenback holds an MBA from the University of North-West in South Africa, and he has completed an Advanced Management Programme in INSEAD.
Leadership Reshuffle at Absa
Jason Quinn, who had been serving as the Group’s interim CEO prior to Rautenback’s appointment, will return to his role as financial director, replacing the current interim financial director Punki Modise, who will, in turn, take the position of interim head of retail and business banking from Rautenbach.
Previous CEO Mminele left the Group following a row with the board over how to best implement the bank’s strategy moving into the future. According to Absa chair Wendy Lucas-Bull, the Absa leadership team and Mminele didn’t see eye-to-eye on how to do things.