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.

South Africa’s Absa Bank Group has appointed Arrie Rautenbach as its new CEO effective immediately.
Click To Tweet

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.

By Luis Monzon
Follow Luis Monzon on Twitter
Follow IT News Africa on Twitter

Sign Up for Our Newsletters

Get notified of the best deals on our WordPress themes.

You May Also Like

South Africa’s Dis-Chem Takes a Swing at WhatsApp Commerce

Clickatell, a CPaaS innovator and Chat Commerce leader, has been selected by leading South African retailer, Dis-Chem Pharmacies, to enable WhatsApp as its customer communication channel to engage with its…
View Post

UBA & Cellulant Join Forces to Unite Africa’s Payments Ecosystem

Nigeria’s United Bank for Africa (UBA), and Cellulant, a leading Pan-African payments company, have announced a partnership that will extend payment services for merchants and consumers across 19 key African…
View Post

Here’s How Much MTN Spent During the ICASA Spectrum Auction

MTN announced on Thursday that it had secured the high-demand spectrum required for its 4G and 5G network expansion drive from the highly anticipated ICASA spectrum auction. ICASA announced that…
View Post

Netflix Scholarship Applications Now Open for East African Students

Netflix, one of the leading entertainment streaming services in the world, has opened applications to the Creative Equity Scholarship Fund (CESF) for film and TV students in the Eastern African…
View Post

TymeBank Launches Medical Insurance App for South Africans

TymeBank, the South Africa-based exclusively digital retail bank, has announced a new partnership with National HealthCare for affordable medical insurance to consumers, through the launch of TymeHealth, an app-based offering…
View Post

4 Things You Need to Know About Achieving Efficiency in the E-commerce Era

E-commerce companies and platforms in South Africa experienced a rise in activity and profits triggered by Covid-19 lockdowns and social distancing restrictions in early 2020, while retailers and other businesses…
View Post