Absa Group Appoints Arrie Rautenbach As Chief Executive Officer

Absa Group today announced the appointment of Arrie Rautenbach as Chief Executive Officer (CEO), effective immediately.

He 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.

Previous Absa roles include Chief Executive of Retail Banking, Managing Executive of Absa Card Division and Managing Executive of Distribution.

The Board looks forward to working with Arrie and the executive to ensure a Pan-African financial services Group that creates sustainable value for all its stakeholders.

Furthermore, I look forward to continuing to work with Jason and Punki and thank them and the Exco for such strong delivery over the last year, which has placed the Group on a solid footing for the future.” Arrie Rautenbach, Absa Group CEO, said: "I am humbled and honoured to lead Absa during challenging conditions locally and internationally.

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." Punki Modise will step down as Interim FD of Absa Group and Absa Bank and as an executive director of the Boards, with immediate effect.

She will take the position of Interim Chief Executive: RBB and remains on the Group Executive Committee (Exco).