Almost a year after Daniel Mminele quit as Absa CEO, the banking group appointed a new CEO.
Arrie Rautenbach is currently Absa’s head of retail and business banking, and becomes CEO with immediate effect.
Rautenbach has been with Absa since 1997 and has held several senior roles, including chief risk officer, as well as head of 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," the bank said in a statement.
Rautenbach holds an MBA from North-West University and completed an Advanced Management Programme at INSEAD.
Jason Quinn, currently the group’s interim CEO, will return to his role as financial director, while Punki Modise, currently interim financial director, will take the position of interim head of retail and business banking.
Mminele left Absa following clashes with the board on how to implement the bank’s strategy. At the time, Absa chair Wendy Lucas-Bull said Absa's leadership team also didn't see eye-to-eye with Mminele on how to do things.
In November last year, the board axed Absa director Sipho Pityana after he took the Reserve Bank’s Prudential Authority to court for allegedly blocking his appointment to become chairman of Absa.
He is currently engaged in a legal battle with Absa to take him back or compensate him.
Former Momentum Metropolitan chair Sello Moloko has been appointed to replace Lucas-Bull as Absa chairman.