Absa in search of 7th CEO in 7 years, as Arrie Rautenbach steps down from the role

Stephen Grootes speaks to Deon Raju, financial director at Absa Group.

Listen to the interview in the audio player below.

Absa Bank confirmed on Monday morning that its Group CEO, Arrie Rautenbach is leaving the organisation.

The bank is now in search of its seventh CEO in as many years, following Rautenbach's decision to go on early retirement in April next year.

He will then go on 'gardening leave' when he vacates the position in October this year.

Charles Russon will step into the role in an interim basis 

Rautenbach is set to leave the bank after only two years at the helm, but having spent 27 years with the bank.

Speaking Stephen Grootes on The Money Show, Deon Raju Absa's group financial director denied that Rautenbach's was due to the organisation's lack of transformation in its leadership structures.

"We've made tremendous progress on transformation over a number of years, at all levels of the company. But as a corporate in South Africa, we know we have more to do."

- Deon Raju, financial director - Absa Group

"It was a personal decision for Arrie, given where he found himself, he turns 60 next year, and the board and him have agreed that it was the right time for him to go on early retirement."

- Deon Raju, financial director - Absa Group

"I think the board is very aware that they need stability in the CEO seat, and I have no doubt that they're working hard to get that as they look for the next permanent appointment."

- Deon Raju, financial director - Absa Group

Scroll to the top of the article to listen to the full interview.