Absa brings in Paul O’Flaherty in latest reshuffle at the top
Former Eskom CFO replaces Charles Russon as head of engineering services, and Russon takes charge of corporate and investment banking
05 November 2018 - 10:38
byRobert Laing
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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.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Absa brings in Paul O’Flaherty in latest reshuffle at the top
Former Eskom CFO replaces Charles Russon as head of engineering services, and Russon takes charge of corporate and investment banking
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.
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