Ghana: Arrie Rautenbach retires as Charles Russon appointed interim Group Chief Executive

Following discussions with the Board, Group Chief Executive Arrie Rautenbach has agreed to take early retirement from the Group, effective 15 April 2025.

This decision was announced to the market through a SENS announcement, in compliance with JSE Listings Requirements and the Companies Act.

Arrie will step down as Group Chief Executive Officer and Executive Director of Absa Group and Absa Bank on 15 October 2024. He will then serve a six-month notice period as garden leave.

The Board, representing the Group, expresses its gratitude to Arrie for his dedication and significant contributions throughout his 27-year tenure with the organization. The Board also extends best wishes to him in his retirement.

Effective 15 October 2024, Charles Russon will assume the role of Interim Chief Executive Officer of Absa Group and Absa Bank, pending regulatory approval. He will also join the boards as an Executive Director. Charles’ appointment aims to ensure a seamless transition as the Board undertakes a thorough search for a permanent Group CEO.

Since 2018, Charles has served as Chief Executive of Absa’s Corporate and Investment Bank and has been a member of the Group Executive Committee since 2014. He joined Absa Capital in 2006 as Chief Financial Officer and has since held several key positions within the group, including Regional Head of Finance for Absa Group, Chief Operating Officer for Absa Group, and Chief Executive of Engineering Services for Absa Group.

Charles completed his articles with KPMG and then worked for Merrill Lynch in London and Deutsche Bank in London and Frankfurt. He is a member of The South African Institute of Chartered Accountants and holds a Bachelor of Commerce degree from Rhodes University.

Yasmin Masithela will become Interim Chief Executive Officer of Absa’s Corporate and Investment Bank effective 15 October 2024, subject to regulatory approval. A seasoned executive, Yasmin is currently Managing Executive Corporate Transactional Banking, CIB and has been in that role since May 2019. She previously held the positions on Group Exco as Chief Executive Strategic Services, and Chief Compliance Officer, respectively.

Prior to that, Yasmin was General Counsel for Wealth Investment Management and Insurance. She was a founding partner of Phukubje Pierce Masithela Attorneys, and headed up Project and Export Finance for Siemens Limited. Prior to that, she was an Associate at Webber Wentzel & Bowens where she completed her articles. Yasmin holds a BA and LLB (UCT), Higher Diploma in Company Law (WITS) and LLM, Tax Law (WITS).

The Board, on behalf of the Group, also wish both Charles and Yasmin well in their interim roles.