EDITORIAL: Absa’s costly leadership distraction
Absa needs a fresh approach to the operational and culture problems plaguing the bank
In the past six years, Absa has seen more CEO changes than a game of musical chairs at a corporate retreat. The departure of Arrie Rautenbach is the latest disconcerting episode in this saga.
The frequent shuffle in the corner office has consequences. It erodes investor confidence, disrupts strategic continuity and hampers operational performance. Absa’s instability reverberates across business lines. Employees grapple with shifting priorities, wondering if their efforts align with the latest CEO vision. It’s not unreasonable to imagine that regulators such as the Reserve Bank’s Prudential Authority raise eyebrows, wondering whether the comings and goings in the C-suite pose a risk to financial stability. ..
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