Absa boosts its executive with trusted lieutenants

Absa, SA’s third biggest banking group by market value, has sought the steady hand of tried and trusted lieutenants in its latest executive management shake-up as it adjusts to life after Barclays. The company, run by Maria Ramos, said on Monday that it had appointed Charles Russon, an executive in charge of engineering services, to head its Corporate and Investment Bank (CIB), which is lagging behind its main competitors. In the six months to June, it generated headline earnings equivalent to just about half those of Nedbank’s investment bank unit. Paul O’Flaherty, who has previously served as CFO at Eskom and CEO of ArcelorMittal SA, will replace Russon as the head of engineering services and also join the executive committee. Earlier in 2018, he was linked with a return to Eskom to replace Anoj Singh, who resigned under a cloud of Gupta-related corruption allegations. "We knew they were looking for an experienced hire, and I think Russon fits the bill. The CIB franchise can becom...