Tuesday, 29 March 2022 09:40

Absa Bank appoints Arrie Rautenbach as the new Chief Executive Officer.

By Lehlohonolo Lehana.

@ABSA.

Financial services firm Absa has appointed Arrie Rautenbach as chief executive officer (CEO) and executive director of Absa Group and Absa Bank, effective immediately.

Rautenbach is currently Absa’s chief executive: Retail and Business Banking (RBB). He joined Absa in 1997 and has held several senior roles over the years, including chief risk officer, chief executive: Retail Banking South Africa, managing executive: Absa Card and managing executive: Branch Network, Absa Bank.

He has a Bachelors and a Masters in Business Administration (both from the University of North-West: Potchefstroom) and completed an Advanced Management Program at INSEAD.

Jason Quinn, currently interim group CEO, will resume his role as financial director of Absa Group and Absa Bank, effective immediately, and remain an executive director on the boards. Quinn held this position from August 2016 to April 2021.

Punki Modise, currently interim financial director of Absa Group and Absa Bank, will relinquish these roles and step down 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.

Earlier in March, Absa reported headline earnings of R18.6 billion for the period ended December 2021 – more than double the earnings generated a year ago.

The group, which operates in 15 countries, and boasts 35,267 employees, said that diluted headline earnings per share (DHEPS) grew 193% to 2 143.5 cents from 730.5 cents, while a dividend of 785 cents was declared.