To ensure a smooth transition, Absa has appointed Charles Russon as Interim CEO, starting October 2024, subject to regulatory approval.
Mr Russon, has been with the bank since 2006 and is currently leading the corporate and investment banking unit.
He will now pass his responsibilities there over to Yasmin Masithela as he steps into the Interim CEO role.
So, it seems that ABSA unfortunately continue to struggle to find a long lasting CEO to steer the ship for longer than a year or two. Interestingly, the announcement actually drove ABSA share prices up at first. So investors were happy with the news.
Being ABSA CEO is certainly a lucrative post and it is reported that Mr Rautenbach earned around R40 million in 2023 (which works out to something like R109 000 each day)