South Africa: Russon takes reins as Interim CEO at Absa
He will become an Executive Director on both Boards. He replaces Arrie Rautenbach, who became Group CEO in 2022 and is retiring after 27 years with the organisation. In a statement, the Board expressed its gratitude to Rautenbach for his commitment and extensive contribution over the course of his career with the Group.
Russon's background encompasses two decades spent with Absa and a wealth of international experience in the financial sector.
Until his appointment, he was CEO of Absa's Corporate and Investment Bank (CIB). He originally joined the Group in 2006 and the Executive Committee in 2014.
Russon is currently a member of the Group Risk and Capital Management Committee (GRCMC), Group Credit Risk Committee (GCRC), Social, Sustainability and Ethics Committee (SSEC), and Information Technology Committee (ITC).
In his earlier career, Russon completed his articles with KPMG and then joined Merrill Lynch in London as a Financial Controller for credit products. He worked for Deutsche Bank in London and Frankfurt from 1998 to 2006 as the Rates Head of Product Control before joining Absa Capital in September 2006 as its Chief Financial Officer.
It is expected that with his career spanning African and global markets, Russon is well placed to steer Absa towards continued success as a key player in the continental financial landscape.
Having had six CEOs since 2019, and in the context of fluctuating financial results – the Group's headline earnings per share fell 5% in the first six months of 2024, for instance – it is believed Absa is seeking consistency of performance at the executive level as it embarks on its search for a new permanent CEO.
© Copyright IC Publications 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 days ago
- Zawya
South Africa factory mood lifts in July, Absa PMI shows
JOHANNESBURG - South African manufacturing sentiment improved in July, a survey showed on Friday, pointing to improved business conditions in the sector for the first time in nine months. The seasonally-adjusted purchasing managers' index (PMI) sponsored by South African bank Absa rose to 50.8 points in July from 48.5 in June. It was the first time the headline PMI has been above the 50-point mark that separates expansion from contraction since October 2024. The rise was driven by a recovery in demand, with the new sales orders sub-index rising 9.8 points to 55.9 points, the third consecutive month of improvement. But sub-indices tracking employment and expected business conditions in six months' time fell by 6 points and 6.1 points, respectively, suggesting a full recovery in the sector is still some way off. Absa said in a statement that this was an indication of growing caution over issues like volatile global trade policy. South Africa faces a 30% tariff on its exports to the U.S. starting next week, a move expected to cost tens of thousands of jobs after it failed to secure a trade deal before a deadline set by U.S. President Donald Trump.
Zawya
2 days ago
- Zawya
Submissions open for 10th African Power & Energy Elites
Are you or do you know Africa's most impactful energy and water sector leaders, pioneers, and innovators? Well then, you can submit a nomination for the 10th African Power and Energy Elites: People and Projects. Known as The Elites, this annual initiative honours the changemakers transforming lives and systems across the continent – from expanding energy access to reshaping infrastructure through innovation, smart investment, and policy reform. The Elites 'The Elites is not an awards-based programme. It's a respected platform for visibility, credibility, and connection. We're calling on all stakeholders to help recognise excellence where it's happening,' says Nicolette Pombo-van Zyl, editor-in-chief of ESI Africa. Millions in Africa still lack reliable electricity and clean water. The Elites platform wants to bring attention to the innovators tackling these systemic challenges — from off-grid solar solutions and AI-driven utilities to clean mobility hubs and community-led water projects. The categories for the 10th edition are: - Leadership and Rising Stars. - Grid-tied and Off-grid Projects. - Smart and Digital Solutions. - Clean Mobility and Energy at Mines. - Water and Sanitation Innovations. - Finance and Investment Models. Open to individuals and organisations across the value chain — executives, technicians, developers, entrepreneurs, utilities, and beyond. Even self-nominations are encouraged! All submissions will be reviewed by a trusted Elites Advisory Board, evaluating innovation, relevance, and impact. Those featured will receive: - Editorial feature in a respected industry magazine (print and digital). - Exposure through ESI Africa, Vuka Group events, and digital campaigns. - Professional video interviews with project leads and leaders. - Social media promotion reaching thousands across Africa and globally. You can submit your nominations of individuals and projects building Africa's sustainable energy and water future until 28 September 2025. Submit your nomination here.
Zawya
3 days ago
- Zawya
New Absa–BYD partnership targets EV finance growth in South Africa
Absa and Chinese electric vehicle manufacturer BYD have signed a partnership agreement to expand green vehicle finance solutions in South Africa, targeting both retail customers and motor dealers. The move follows increased demand for new energy vehicles (NEVs) amid rising sustainability concerns. The deal was formalised at BYD's offices in Sandton, where representatives from both organisations outlined plans to establish a full-scale green vehicle finance ecosystem. Full-service financing for EV rollout Under the agreement, Absa will offer a suite of banking and financial services to BYD dealers and customers, including OEM and dealer wholesale finance, vehicle finance, insurance, and related value-added services. Absa currently works with 15 dealerships that stock BYD vehicles across South Africa. Charl Potgieter, managing executive for Absa Vehicle and Asset Finance, said the partnership aligns with the bank's goal of reaching carbon neutrality by 2050 and will help grow its sustainable finance portfolio. 'We recognise the growing demand for energy-efficient mobility solutions,' Potgieter said. Market growth and affordability still a challenge According to Naamsa, NEV sales in South Africa doubled in 2024 year on year, with further growth recorded in the first quarter of 2025. However, affordability and infrastructure remain obstacles to mass adoption. Absa's NEV finance portfolio, comprising both hybrid and electric vehicles, has seen growth off a low base in recent years, reflecting a gradual shift in consumer sentiment. BYD targets wider reach and lower entry point BYD, which sold over 4.2 million NEVs globally in 2024, offers vehicles at lower price points than many competitors. Its models include features such as vehicle-to-load functionality, which allows owners to power household devices from their cars. Steve Chang, general manager of BYD South Africa, said the partnership was based on three core values: affordability, accessibility and sustainability. 'We're introducing models at more competitive prices, expanding through Absa's network, and aiming to reduce emissions with every sale,' he said. Part of broader green strategy Absa said the partnership complements its broader green finance strategy, which includes backing Africa's largest standalone battery facility. The bank recently met its R100bn sustainable finance target a year ahead of schedule and aims to continue scaling up support for low-carbon initiatives.
