Paul O'Flaherty, former CEO of ArcelorMittal SA and former Eskom finance chief, joins Absa’s top ranks. Picture: MARTIN RHODES
Paul O'Flaherty, former CEO of ArcelorMittal SA and former Eskom finance chief, joins Absa’s top ranks. Picture: MARTIN RHODES

Absa has promoted engineering services head Charles Russon to CE of its corporate and investment banking division.

Russon’s old position has been filled by former ArcelorMittal SA CEO and Eskom CFO Paul O’Flaherty. 

“As part of this role, Paul will also take responsibility for our separation from Barclays plc,” Absa said on Monday.

The bank’s latest management reshuffle follows a restructuring it announced in April, in which the corporate and investment banking division was placed under the joint leadership of Temi Ofong and Mike Harvey.

Russon was the former chief operating officer of Absa’s corporate and investment banking division before moving on to the roles of group regional head of finance and group chief operating officer.

O’Flaherty joined Absa’s board as an independent nonexecutive director in February 2016. He resigned from the board to take his new role.

Monday’s statement said both executives will report to group CEO Maria Ramos and will be on the Absa group executive committee, subject to regulatory approval.

laingr@businesslive.co.za

Correction: November 5 2018

An earlier version of this article said O’Flaherty's role would change to executive director. Absa said he will not be a director in his new role.