Executive changes at Absa including a new chief technology officer
Barclays Africa Group has announced a new structure that it says aligns the group’s executive committee portfolios with its new strategy announced at the beginning of March. The group, says it plans to double its market share of Africa banking revenues from 6% to 12%.
The new structure has four core businesses, each headed by a chief executive officer. These are the Retail and Business Banking (RBB) South Africa, Corporate and Investment Banking (CIB), Wealth, Investment Management and Insurance (WIMI) and Rest of Africa (RoA) – 10 markets outside South Africa.
South Africa Banking will cease to be a management or reporting segment, the bank said in a statement on Monday.
Barclays Africa Group advised its shareholders in March of its intention to change its name from Barclays Africa Group Limited to Absa Group Limited. The name change will be effective from 30 May 2018, the bank said.
The new executive changes include:
- Deputy Group CEO, David Hodnett is taking a two-month sabbatical;
- RBB SA will be headed by Arrie Rautenbach as chief executive, currently chief risk officer;
- Bongiwe Gangeni, currently head of distribution at the Wealth, Investment Management and Insurance (WIMI) joins the group executive committee as head of Private and Business Banking, and also deputy chief executive of RBB SA.
Corporate and Investment Banking will also be a separate business under the leadership of a chief executive.
- Temi Ofong and Mike Harvey will continue as co-chief executives of CIB, reporting directly to group chief executive, Maria Ramos while Hodnett is on sabbatical;
- Peter Matlare remains in his current role as chief executive of RoA and group deputy CEO;
- Nomkhita Nqweni continues in her current role as chief executive of WIMI;
- Charles Russon, currently group chief operating officer will become chief technology officer, responsible for managing technology infrastructure, cyber and data;
- August Van Heerden, currently head of the separation program, will become chief risk officer and part of the executive committee;
- Yasmin Masithela, currently head of compliance, has been appointed chief executive, strategic services.
In March, Ramos said a new entrepreneurial culture and digitisation would be central to the success of the strategy she presented. “In this role Yasmin assumes responsibility for the bank’s digital strategy, human resources, group strategy and takes over the lead of the separation from Barclays PLC,” it said.
“We have set a bold ambition to double our share of Africa banking revenues, digitising our organisation end to end and presenting bold propositions to meet the needs of our customers and clients. This executive committee will work with leaders and colleagues throughout our business who were also instrumental in shaping our strategy and the group’s new ambition,” said Ramos.
In March, the group announced a new strategy in which it identified three priorities and enabling capabilities. These priorities are:
- Reclaiming leadership in its core businesses and doubling the group’s share of banking revenues in Africa, from 6% to 12%;
- Changing the company’s culture and creating a thriving, entrepreneurial organisation;
- Developing pioneering propositions that will include a leading payments hub and a transaction banking platform.
Absa said it will look at delivering a scalable, digitally-led business driven by innovation.
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