TIISETSO MOTSOENENG: Temporary leadership perils at Absa
The bank needs a new broom, a fresh approach to the operational and culture problems plaguing it
What’s not to like about Absa’s move to merge its SA retail bank division into one? It dismantles artificial barriers and polishes customer interactions. It transforms Absa into a leaner, more responsive beast by zeroing in on precision and execution. With the banking group’s shares rising post the announcement, the market’s enthusiastic thumbs-up is a strong indication that investors are buying what acting CEO Charles Russon is selling.
The efforts of Russon, who has been in the captain’s chair for three months attempting to steer this lumbering giant to better operational performance, position him as a strong candidate for the permanent CEO role. But let’s face it, Absa needs a new broom, a fresh approach to the operational and culture problems plaguing the bank — someone free of the burden of history...
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