Changes to Absa's executive committee announced

As part of a strategic plan to drive growth and reinforce its position in the market, Absa on Friday announced changes to the group’s executive committee.

The banking giant said in a statement the changes were “aimed at accelerating the execution of the group’s strategy to create superior commercial performance and enhance market competitiveness”.

“They are also in line with Absa’s transformation, diversity and inclusion agenda.”

Deon Raju, currently the group chief risk officer and former group treasurer, has been appointed the new group financial director with immediate effect.

“Deon will also join the Absa Group Ltd and Absa Bank Ltd boards as an executive director. He is a chartered accountant (CA) SA and chartered financial analyst (CFA) and brings with him over 20 years of experience and expertise from both the finance and risk functions at Absa,” the group said.

“We extend our gratitude to Chris Snyman, who played a key transitional role as interim finance director over the past few months.

“Rajal Vaidya — currently chief risk officer at Absa Corporate and Investment Banking — will be appointed as interim group chief risk officer.

“Christine Wu will replace Cowyk Fox as chief executive: everyday banking, also with immediate effect.”

According to the statement, Wu joined Absa in 2019 as an executive at Absa Retail and Business Banking.

“In 2022, she transitioned to Everyday Banking as a managing executive: consumer product, where she has been responsible for the consumer banking segment. She had end-to-end accountability for core product performance and the transformation of Absa into a digital and data first business.”

Absa thanked Cowyk Fox for his immense contribution to the group.

“After many years of dedicated service as an integral leader in our business, he has decided to explore new horizons outside the organisation.”

The group congratulated the new and promoted bankers.

“We congratulate our colleagues on their appointments and welcome the new executive committee members. It is pleasing to note that the appointments announced today are internal colleagues who have proven track records of delivering results in their respective fields and will contribute further to driving growth and empowering Africa’s tomorrow,” said Absa group CEO Arrie Rautenbach.

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