Who is Arrie Rautenbach? Get to know the South African businessman
Arrie Rautenbach has worked in banking and finance for about three decades. He became Absa Group's CEO in 2022 but announced his unexpected retirement from the top position.
Source: Twitter
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Before getting the top job at one of South Africa's leading financial institutions, Arrie Rautenbach was a result-driven banker who had spent almost his entire career at Absa.
Arrie Rautenbach's profile summary
| Full name | Arnold Rautenbach |
| Age | 59 years old as of January 2025 |
| Date of birth | 27 March 1965 |
| Place of birth | South Africa |
| Nationality | South African |
| Education | North-West University (BBA and MBA) INSEAD (Management) |
| Profession | Banker, businessman, CEO |
| Company | Absa Group (2022 - 2024) |
| Network |
Who is Arrie Rautenbach?
Arrie has had a distinguished career in banking and finance, most of which he spent working for Absa Group. He joined the multinational banking conglomerate in the 1990s and served in various roles, including Managing Executive of Distribution, Managing Executive of Absa Card Division, and Chief Executive of Retail Banking.
Rautenbach rose the ranks to become the Chief Risk Officer, providing executive leadership for the Group Separation Programme and Group Strategy Office. He also served as the Chief Executive of Retail and Business Banking (RBB).
He sits on the boards of the Banking Association of South Africa (BASA), Ford Financial Services, and Woolworths Financial Services. In March 2022, Arrie was appointed Absa Group's Chief Executive Officer, succeeding Daniel Mminele. At the time, he expressed his excitement to be the head of Absa, saying,
I am excited at the prospect of working with a talented and diverse team, leading an outstanding business that is positioned to seize the many opportunities that lie ahead. I look forward to working with the Board and the Executive in consolidating our strategy and performance, driving organizational and cultural transformation, and delivering financial and social value for all our stakeholders, and sustainable future growth and returns for Absa and its shareholders.
Source: Original
Why is Arrie Rautenbach leaving Absa?
In August 2024, Absa announced that Arrie Rautenbach was to take an early retirement effective from 15 April 2025. He stepped down as the Group's CEO and Executive director on October 15, 2024, which was followed by a six-month notice period to be served as garden leave.
Arrie Rautenbach's retirement was announced after the banking and finance conglomerate reported a decline in profits for the first half of 2024. Absa has faced several challenges, including losing market share to competitors, human resource blunders, governance lapses, and a slow pace of transformation.
The Sunday Times had reported in July 2024 that Arrie's job was on the line because the bank's top leadership had lost confidence in him, with some leaders seeking to have a Black CEO. When Daniel Mminele was appointed Absa Group's CEO in January 2020, he became the first Black person to lead the company but resigned after only 16 months.
Absa Group's financial director, Deon Raju, denied the claims that Arrie Rautenbach was forced out of his position while talking to EWN in August 2024.
I don't think we can put it down to events. We've seen all the press reports, but none of these are things we are privy to. Like we said, he and the board agreed that it was the right time to take early retirement.
Source: Twitter
Who is the new CEO of Absa?
Charles Russon became Absa Group's interim CEO on October 15, 2024. He joined the company in 2006 and had been serving as the CEO of the Group's Corporate and Investment Bank since 2018, prior to the promotion.
The board continues its search for a permanent CEO. Deon Raju told EWN in August 2024 that the company is going to look beyond race, which has been an ongoing issue, as they find the right fit for Absa.
I think the board's posture on this is they're going to find the best CEO for the job, and they’ll definitely have transformation as a lens to apply to this.
Arrie Rautenbach's qualifications
Rautenbach earned his Master of Business Administration (MBA) and Bachelor of Business Administration (BBA-cum laude) degrees from North-West University, Potchefstroom campus. He did an Advanced Management Programme at INSEAD (Institut Européen d'Administration des Affaires), a global graduate business school. Arrie also holds an Honorary Professorship in Practice.
How much does the CEO of Absa earn?
Absa's top executives are some of the highest-paid in the South African banking industry. Arrie Rautenbach's salary for 2023 was R40.03 million (around R109,685 per day), according to the bank's annual remuneration report.
The amount comprises a R10.4 million fixed salary, a non-deferred cash award of R6.8 million, a long-term incentive award of R17 million, and a deferred share award of R5.8 million.
In 2022, Arrie's figure was slightly higher. He made R44.77 million, which was an increase of over 77% from his 2021 salary of R25.22 million.
Arrie Rautenbach's net worth
Rautenbach has an estimated net worth of $3 million (approximately R56 million), according to MarketScreener. He has accumulated his wealth through his career in banking and finance.
Source: Twitter
Arrie Rautenbach's rise within the Absa Group made him a noteworthy figure in the South African corporate landscape. He has not shared any details about his post-retirement plans.
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