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Absa Group’s leadership shuffle: Executive pay rises amid reputational challenges
Cape Times
|April 02, 2025
ABSA Group faced a rocky leadership shuffle that left its reputation bruised in 2024, while it paid its executive team handsomely, its latest annual report shows.
Interim group CEO Charles Russon pocketed R36.9 million, a 7.1% jump from R34.4m in 2023, and interim group financial director Deon Raju earned R22.09m in his debut year. Group chairman Sello Moloko faced the challenges that tested the bank’s resilience amid a shifting African banking landscape.
The report details a 10% increase in headline earnings and a return on equity (RoE) of 15.8%, driven by a stronger second half.
Other executive payouts include Arrie Rautenbach, who ceased being group CEO on October 15, 2024, receiving R8.44m for 2024, down 78.9% from R40.03m in 2023, with no short-term or long-term incentives awarded.
This story is from the April 02, 2025 edition of Cape Times.
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