Absa reshuffles its executives
Deputy CEO David Hodnett will take a two-month sabbatical and the heads of its four operating arms will report directly to group CEO Maria Ramos
Absa deputy CEO David Hodnett will take a two-month sabbatical due to a management reshuffle at the bank, its JSE-listed holding company Barclays Africa Group said on Monday.
Under Absa’s new group structure, the heads of its four operating arms will report directly to group CEO Maria Ramos.
"SA banking will cease to be a management or reporting segment," the company said in its statement.
Arrie Rautenbach will head Absa’s retail and business banking (RBB); he moves to the role from group chief risk officer.
August Van Heerden will succeed Rautenbach as chief risk officer.
The CEOs of the other three divisions remain unchanged.
Absa’s corporate and investment banking (CIB) will remain under the joint leadership of Temi Ofong and Mike Harvey, but they will now report directly to Ramos instead of Hodnett.
"Peter Matlare, currently deputy CE, remains responsible for rest of Africa banking," the company said.
Nomkhita Nqweni will remain the head of Absa’s wealth, investment management and insurance (WIMI) division.
"The group’s new growth strategy, announced on March 1 requires a change in operating model to deliver the three stated priorities: firstly, restoring market leadership in core businesses; secondly, creating a thriving organisation; and thirdly, building new propositions," the company said in Monday’s statement.
Barclays Africa Group has applied to change its name back to Absa on May 30, which means its JSE stock-ticker will change from BGA to ABG.
Other appointments Absa announced on Monday included chief operating officer Charles Russon switching to the role of chief technology officer.
Bongiwe Gangeni was promoted to deputy CE of the RBB division from head of distribution of the WIMI division.
Absa's head of compliance, Yasmin Masithela, was appointed CE of strategic services.
"In this role Yasmin assumes responsibility for the bank’s digital strategy, human resources, group strategy and takes over the lead of the separation from Barclays," Ramos said in a media statement.