Absa has a 'strong plan' to deal with transformation: Group's financial director

JOHANNESBRUG - Commercial lender Absa has shot down claims of a lack of transformation at the bank.

The comment follows the bank’s confirmation of the early retirement of its group CEO Arrie Rautenbach in October after two years at the helm.

Absa came under scrutiny in 2022 when Rautenbach was appointed, with criticism black executives had again been sidelined.

ALSO READ: ABSA says Arrie Rautenbach's early exit as CEO a personal decision

Absa’s group financial director – Deon Raju – says claims of a lack of transformation are untrue.

“As a corporate in South Africa we know we have more to do, particularly at senior level and we’ll continue on that journey. And there’s a strong plan around that.”

He said the next appointment would again be based on merit and not race alone.

“I think the board’s posture on this is they’re going to find the best CEO for the job, and they’ll definitely have transformation as a lens to apply to this.”