Absa Group, which has a 68% shareholding in Absa Bank Botswana, has announced Charles Russon as the new Group Executive: Africa Regions, with effect from 1 September 2025, subject to regulatory approval.
Russon joined the Group in 2006, and his earlier roles include several leadership positions such as Acting Group Executive: Absa Regional Operations; Group Chief Operating Officer; Regional Head of Finance; Chief Operating Officer of Corporate and Investment Banking; and Chief Executive: Engineering Services.
He is a Chartered Accountant by profession and will remain a member of the Group Executive Committee.
Saviour Chibiya, who was the previous Chief Executive for Regional Operations, will remain on the Company’s Board as the Group’s nominee and a non-executive director until further notice.
The shuffle is a result of the Group's Pan-African operating model review, which aims to streamline operations across PanAfrica, empower teams with clearer accountability, and leverage technology and data to better serve the Group’s and Company’s clients.
Absa Group has been having leadership troubles over the last few years. In August 2024, Arrie Rautenbach, the then CEO of ABSA, announced his early retirement after only three years at the helm of one of Africa’s largest banks. Russon was announced as his successor in an acting capacity.
Rautenbach took over ABSA’s reins in March 2022 following the April 2021 departure of Daniel Mmilele, the bank’s first black CEO, following reported differences with the board over strategy. The Public Investment Corporation (PIC) and the Association of Black Securities and Investment Professionals (ABSIP) immediately criticised Rautenbach's appointment.