All eyes on Absa appointments

Johannesburg - The process of filling vacant top positions at Absa is apparently at a sensitive stage.

The most important positions that need to be filled are those of chief financial officer to replace Jacques Schindehütte and that of a chairperson to step into the shoes of Gill Marcus.

Other important announcements are expected, including new public relations and human resources executives.

Absa's 10-member executive committee has lost four members since the end of last year - Steve Booysen, Robert Emslie, Peter Mageza and Jacques Schindehütte.

An analyst says that the resignations in that period are among the reasons why Absa currently has the lowest rating of the four big banks on the JSE. "There is an attitude of wait-and-see as to whom will be appointed to the key positions."

Sources have it that an empowerment candidate is being considered for financial executive. This will probably require an external appointment.

The banking group is, say the sources, being careful not to make the mistake that Nedbank did, where Raisibe Morathi was enticed away from Sanlam to replace Mike Brown as chief financial officer, with Brown succeeding Tom Boardman as chief executive at the end of this year.

A row ensued when it appeared that Morathi would report to Graham Dempster as head of operations and not directly to Brown, which has been traditional under Boardman.

Jimmy Manyi, director-general of the Department of Labour, and Julius Malema, president of the ANC Youth League, created a stir because Morathi's duties had been scaled back. They claimed it was because she was black.

The uproar came in the wake of criticism of Brown's appointment as chief executive, which led to an exodus of senior Nedbank staff.

Louis von Zeuner, the most senior experienced person in Absa's executive committee, was appointed as Absa's head of operations in March, shortly after Maria Ramos was brought in as chief executive.

Analysts consider Von Zeuner the bank's kingpin with a firm hold on the reins. "Nothing happens without his input," said one.

Should Von Zeuner leave, this would count against Absa as his departure would negatively affect management continuity.

A successor to Marcus is not expected soon. The appointment may be made only in March next year, shortly ahead of the 2010 shareholders' annual general meeting.

Marcus's appointment also followed a fairly long process of finding a successor to Danie Cronjé.

- Sake24.com

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