Johannesburg - South African banking group Absa announced on Monday that Peter Mageza, the chief operating officer, would be retiring as of June 30 to pursue personal business interests.
Mageza, who has served on the group executive committee and Absa Group and Absa Bank boards since 2007, will continue, subject to regulatory approval, to play a role at Absa as a non-executive director on the boards of certain of Absa's African subsidiaries as well as on the board of trustees of the Absa Foundation.
Steve Booysen, Group chief executive, said: "Peter has served a distinguished career with the Absa Group spanning nine years. I am confident that Absa will continue to benefit from his experience, expertise and wise counsel and that he will make us proud with whatever he does in the months and years to come."
Gill Marcus, Chairperson of the Absa Group, said: "I am sorry to see Peter retire. We look forward to our continued interaction as Peter takes up other roles within the Group, and have no doubt that Absa will continue to benefit from his valued contribution."
Absa said he the process to find a replacement for Mageza, was at an advanced stage and an announcement would be made in due course.
Absa shares ware trading at R90.00 at 10:35, up R4.00 or 4.65%.
- I-Net Bridge