Absa appoints new financial director – replacing the new Nedbank CEO

 ·26 Apr 2024

Deon Raju is the new permanent Financial Director and executive director of Absa Group and Absa Bank.

Raju, who was previously the group’s Chief Risk Officer and has been a member of its Executive Committee since 1 June 2021, will take over the new role with immediate effect.

He joined Absa in 1999 and was the Group Treasurer between 2016 and 2021.

He is a member of The South African Institute of Chartered Accountants, a Chartered Financial Analyst, and holds a Bachelor of Commerce Honours degree from the University of Kwa-Zulu Natal.

He will also become a member of the Board Group Risk and Capital Management Committee, Group Credit Risk Committee, and the Information Technology Committee.

Absa Financial Director Deon Raju

Interim Financial Director Chris Snyman is relinquishing his role and will step down as an executive director of the Boards and as a member of the aforementioned committees with immediate effect.

Absa has been in need of a permanent financial director after Jason Quinn left the role the take over as Nedbank CEO.

Quinn, a chartered accountant, will replace departing CEO Mike Brown on 31 May 2024.

Brown will stay at Nedbank for a suitable period after he steps down from the board to ensure a smooth handover to Quinn. 

Quinn previously served as Absa’s interim CEO from April 2021 to March 2022, after the current Nedbank Chairperson, Daniel Mminele, left the role due to differences with the Absa board on strategy.

Nedbank CEO-designate Jason Quinn

Read: How much you would have if you invested R1,000 in Capitec, FirstRand, Nedbank, and more in January

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