Absa’s Arrie Rautenbach long game can’t save bank from transformation critics

Critics are slamming Arrie Rautenbach’s recent appointment as Absa chief executive. There are reasons for this outrage. When it was announced that Rautenbach’s predecessor, Daniel Mminele, was out, it marked the second shock departure of a black chief executive from a South African bank in a year. 

By the time Mminele joined Absa in 2020, the bank had already faced scrutiny over its reported transformation blunders, including when Phakamani Hadebe was allegedly overlooked to head the group’s corporate and investment banking unit. The incident sparked a walkout by black professionals at Absa and Hadebe resigned from the bank.

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Sarah Smit
Sarah Smit
Sarah Smit is a general news reporter at the Mail & Guardian. She covers topics relating to labour, corruption and the law.

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