Arrie Rautenbach bows out early after Absa appointments blunder

Source: Wikimedia Commons.

Practically, this means the chief executive officer will cease to be the group chief executive officer and an executive director of the Absa Group and Absa Bank with effect from 15 October this year, followed by a six-month contractual notice period which will be served as garden leave.

“The executive leadership change, though likely well received, comes as no surprise. However, it is unlikely to be enough to close the valuation gap between Absa and its peers, considering the series of executive changes the bank has had since 2019,” observed Tasneem Samodien, research analyst at Private Clients by Old Mutual Wealth.

Read the full article by Neesa Moodley at Daily Maverick.