Nokukhanya Mntambo 19 August 2024 | 16:16

ABSA CEO Arrie Rautenbach will leave the bank in October

Rautenbach's career has spanned close to three decades at the lender.

ABSA CEO Arrie Rautenbach will leave the bank in October

Absa logo, from Absa South Africa on Facebook

JOHANNESBURG - The search is on for a new chief at commercial bank Absa, following the resignation of its Group CEO Arrie Rautenbach.

The lender announced Rautenbach’s exit in a JSE note on Friday.

While his early retirement is set to take effect in April next year, the 59-year-old will cease to perform his duties in October in what's commonly known as Garden Leave.

Rautenbach's career has spanned close to three decades at the lender.

After serving in other high-profile roles at the bank, he was appointed Group CEO and Executive Director in 2022.

At the time, his appointment was said to be the source of concern and public scrutiny about the perceived lack of transformation at the bank.

The reason for Rautenbach's early exit is unclear.

Chief Executive of Absa's Corporate and Investment Bank Charles Russon will hold the fort as Interim CEO.

Meanwhile, Absa posted a 5 percent drop in half-year profit.

The group released its 6-month results ended June 2024 on Monday.

It said that a weaker economy is partly to blame, while high interest rates, energy and logistical constraints have affected retail and small business customers.