More executive leadership changes at Absa

The bank appoints Charles Russon as chief executive for corporate and investment bank. 

Banking group Absa has announced more executive leadership changes on Monday that will see Charles Russon being appointed as chief executive for corporate and investment bank with immediate effect.

Before his new appointment, Charles held the role of chief executive for engineering services (responsible for technology, data, and security) – a role he has served in since April 2018. 

Absa announced that Charles will be succeeded by Paul O’Flaherty, who becomes chief executive for engineering services (responsible for technology, data, and security) at the bank. 

As part of this role, Paul will also take responsibility for the bank’s separation from its parent company, Barclays PLC. 

Paul will resign from Absa’s board as an independent non-executive director to assume the new executive position. He was appointed to the board since February 2016. 

In a statement, Absa said Charles and Paul will report to Maria Ramos, the group CEO, and will be on the Absa group executive committee. Both appointments are subject to regulatory approval.

Charles has had a long career in corporate and investment banking, having worked for Merrill Lynch (in London) and Deutsche Bank (in London and Frankfurt) before joining Absa Capital as CFO in 2006. 

He later became Absa’s COO for the corporate and investment bank division, before taking up a role as regional head of finance for the group in 2012 and thereafter, COO for the Group in 2014.

Paul was most recently CEO of Al Naboodah Group Enterprises in the United Arab Emirates between February 2016 and March 2018. He is also a former CEO of ArcelorMittal South Africa between July 2014 and January 2016 and finance director and group executive for capital projects at Eskom.