Absa Group Limited (Absa) has appointed Arrie Rauntenbach as its first internally appointed Chief Executive Officer (CEO). The lender last appointed its boss from within in 2006.
He replaces Interim boss Jason Quinn, who has been in service since the departure of predecessor Daniel Mminele in April 2021.
Arrie, who is currently chief executive of Retail and Business Banking (RBB), has held several executive roles at the bank.
According to Absa Group, Rautenbach has provided executive leadership for the Group Separation Programme and Group Strategy Office.
“Arrie, who is currently Chief Executive of the group’s RBB unit… has more than 25 years’ banking experience, which includes serving as the group’s Chief Risk Officer, simultaneously providing executive leadership for the Group Separation Programme and Group Strategy Office.”
“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.”
Absa’s Chairperson, Wendy Lucas-Bull expressed delight in announcing the appointment of Rautenbach as the new CEO.
“I am confident that his (Rautenbach) leadership will provide the continuity and stability necessary to consolidate our purpose and strategy,” she said.
Arrie’s appointment follows a tumultuous 2021 board and executive perspective.
“The appointment follows a thorough recruitment and selection process completed by the Board,” said Absa.
