Video: S.Africa: Did Blacks drive a White man to breaking down? – Was Absa’s CEO forced out after a reported b reakdown?
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Absa’s CEO Arrie Rautenbach noted that he will take an early retirement package and will not stay for the two and a half years that remain on his contract.
The CEO has been with Absa for over 27 years but took over the role of chief executive in March 2022.
"Following engagements between the board and Arrie Rautenbach, Absa group CEO, the parties have agreed that (Rautenbach) will take early retirement from the group, effective April 15, 2025," Absa noted in a statement.
"(Rautenbach) will cease to be the CEO and an executive director of the boards with effect from October 15, 2024, followed by a six-month contractual notice period that will be served as garden leave. He will continue to serve the group in his current role until October 15, 2024."
He apparently broke down
Last month, the Sunday Times reported that Rautenbach allegedly "broke down" during a conference with Absa’s senior leaders.
It was reported that during the meeting, a number of Absa executives said they had lost confidence in him and his ability to lead and wanted a black African CEO.
Absa called out the Sunday Times report and said it was a “malicious and sensational distortion” of what really happened at the conference that had around 250 leaders.
When Rautenbach took over the role of CEO, he replaced Daniel Mminele, who stepped down. Mminele was Absa’s first black CEO.
Who will take over?
Absa said that Charles Russon will become Interim CEO of the Absa Group and Absa Bank effective October 15, 2024, subject to regulatory approval.
Russon will also become an executive director on Absa’s boards. He currently is head of the group’s corporate and investment banking (CIB) unit. This role will fall to Yasmin Masithela when Russon becomes interim CEO.
Masithela is currently managing executive for corporate transactional banking in the CIB unit.
Rautenbach’s earnings
In April, IOL Business reported that Rautenbach’s remuneration amounted to R40.03 million in 2023. This is a 10.6% cut from his 2022 earnings where he earned R44.78 million.
Rautenbach’s cost to company for 2023 can be broken down in the following sections:
– A fixed salary of R9.79 million
– A cash incentive of R6.8 million
– A deferred award of R5.8 million
– A performance award vested of R17 million.
The Absa CEO’s total earnings of around R40 million therefore means he earned around R109,685 a day in 2023.
IOL BUSINESS
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