The Public Investment Corporation (PIC), the biggest fund manager on the African continent, has lambasted Absa for appointing a white male as the bank’s new CEO.

The state-run PIC, which invests on behalf of the Government Employees Pension Fund (GEPF), said in a statement on Friday that it had expressed its “downright disappointment” to the Absa board over its decision to appoint Arrie Rautenbach as CEO. The PIC, which is Absa’s fourth-largest shareholder with a 5.41% stake as of end-2021, added that it was concerned about the apparent instability at the bank’s executive level and said it wanted an urgent meeting with the board to discuss its transformation strategy...

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