Business

Sun Reporter | Wednesday July 13, 2022 10:47

Absa Group restructures operations

A new corporate logo sits on a tower of the Absa Group Ltd. headquarters office in Johannesburg, South Africa, on Tuesday, Aug. 7, 2018. Barclays Africa Group Ltd. has ditched the name to revert to Absa Group Ltd. as it severs ties with Barclays Plc, after the London-based company sold down the controlling stake it bought in 2005. Photographer: Waldo Swiegers/Bloomberg
 
A new corporate logo sits on a tower of the Absa Group Ltd. headquarters office in Johannesburg, South Africa, on Tuesday, Aug. 7, 2018. Barclays Africa Group Ltd. has ditched the name to revert to Absa Group Ltd. as it severs ties with Barclays Plc, after the London-based company sold down the controlling stake it bought in 2005. Photographer: Waldo Swiegers/Bloomberg

Absa Group has a refined operating model to enhance its market competitiveness by reconfiguring Group Exco to create an organisation that is closer to customers.

The changes see Absa Group move from two commercial business units - RBB and Corporate and Investment Banking (CIB) - to five business units. These are: Everyday Banking, Relationship Banking, Product Solutions, CIB Pan-Africa and RBB ARO. CIB remains unchanged and will continue to be led by Charles Russon, who maintains accountability for CIB Pan-Africa.

Punki Modise has been appointed Group Chief Strategy and Sustainability Officer, part of the Exco team. Key leaders in the former Retail and Business Banking (RBB) business unit have been appointed to Exco roles. They are Faisal Mkhize, Cowyk Fox and Geoffrey Lee, responsible for Relationship Banking, Everyday Banking and the newly constituted Product Solutions Cluster, respectively.

Absa Group Chief Executive Officer, Arrie Rautenbach said the inclusion of best-in-class commercial and revenue-generating skills from key customer segments will complement Absa Group’s existing high-calibre Exco team and give credence to Absa’s re-anchored strategy while allowing the group to accelerate strategy execution. “There are clear commercial benefits that will flow from the operating model changes and a more diverse leadership team, with further opportunities to strengthen our transformation profile,” said Rautenbach.

He highlighted that progress is underway with regards to permanent appointments in the roles of Group Chief People Officer, Group Chief Information Technology Officer and Group Chief Brand and Marketing Officer, which will be announced in due course. The additions to the Exco structure complement Absa Group’s existing high-calibre executive team. The new structure and operating model are intended to support Absa’s strategy, and increase the scope of Absa’s senior leadership, ultimately allowing the Group to harness greater talent and transformation from the internal pipeline.