Absa Bank has promoted Arrie Rautenbach as its new CEO, ending the leadership vacuum that lasted 11 months after the sudden and controversial departure of Daniel Mminele.
Rautenbach, who has headed the retail and business banking unit, will assume the new job immediately, Absa said in a statement on Tuesday.
The new CEO has risen through ranks since joining Absa in 1997, occupying various senior roles that included chief risk officer, as well as CEO of retail banking SA.
Interim CEO Jason Quinn will revert to his role as group financial director with immediate effect.
Punki Modise, the interim financial director of Absa Group and Absa Bank, will relinquish these roles and take the position of interim CEO of retail and business banking unit, the position vacated by Rautenbach and remains on the group executive committee.
Mminele, who was the first black executive to lead Absa, resigned in April 2021 after just 16 months in the top job after differences with the board regarding the Absa’s strategy.
Mminele, the former deputy governor of the Reserve Bank, was appointed Absa CEO in January 2020 when a new strategy aimed at regaining market share and repositioning the group as an African financial services firm was already in place.