Business
Absa Execs Pocket R165 Million Amid Leadership Shake-Up and Earnings Jump
Absa’s top brass took home a hefty R165 million in combined remuneration in 2024, even as the group underwent major leadership changes and leaned into stronger financial results.
The banking giant reported a 10% jump in headline earnings, reaching R22.06 billion, with a strong performance from its South African operations and improved business sentiment following political and economic stability. However, Absa’s operations across the continent told a more mixed story, with regions like Zambia and Mozambique facing challenges from drought and unrest.
Despite these regional contrasts, Absa delivered solid results:
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Revenue climbed to R109.9 billion.
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Net interest income rose 4% to R71.1 billion.
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Non-interest income grew 6% to R38.8 billion.
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Credit impairments dropped by 8%, thanks to improved credit performance and tighter risk controls.
The group also increased its dividend per share by 7%, reflecting investor confidence and solid returns.
Leadership Shuffle, Bigger Payouts
2024 wasn’t just a year of big numbers—it was a year of big changes at the top. Absa’s leadership board saw a number of exits, promotions, and fresh appointments, all while performance-based incentives kept flowing.
Charles Russon, who stepped in as Interim Group CEO after the departure of Arrie Rautenbach, earned R29.8 million, up slightly from R29.7 million in 2023. Russon’s payout includes his earlier stint as CEO of Corporate and Investment Banking (CIB), before taking over the group leadership in October.
He’ll be handing over the reins in June 2025 to Kenny Fihla, the incoming permanent CEO, formerly from Standard Bank.
Outgoing CEO Arrie Rautenbach took home R23.4 million, a sharp drop from the R37.5 million he earned the previous year, reflecting his shortened tenure in 2024 and a lack of incentive awards.
Other notable executive packages include:
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Deon Raju, new Group Financial Director: R17.7 million
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Christine Wu, CEO of Everyday Banking: R11.6 million
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Yasmin Masithela, Interim CEO of CIB: R17.5 million
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Geoffrey Lee, CEO of Product Solutions Cluster: R19 million
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Faisal Mkhize, CEO of Relationship Banking: R17.5 million
Former execs like Jason Quinn (now CEO of Nedbank) and Cowyk Fox saw either zero earnings or significant pay reductions in 2024, reflecting their transitions out of the bank.
Executive Compensation Breakdown (2023 vs 2024)
| Executive | Role | 2023 | 2024 |
|---|---|---|---|
| Charles Russon | Interim Group CEO | R29.7 million | R29.8 million |
| Arrie Rautenbach | Former Group CEO | R37.5 million | R23.4 million |
| Deon Raju | Group Financial Director | – | R17.7 million |
| Christopher Snyman | Interim Financial Director | R9.5 million | R9.1 million |
| Jason Quinn | Former Financial Director | R8.7 million | – |
| Christine Wu | CEO of Everyday Banking | – | R11.6 million |
| Faisal Mkhize | CEO of Relationship Banking | R15.8 million | R17.5 million |
| Geoffrey Lee | CEO of Product Solutions Cluster | R16.1 million | R19 million |
| Saviour Chibiya | CEO of Absa Regional Operations | R16.9 million | R16.8 million |
| Yasmin Masithela | Interim CEO of CIB | – | R17.5 million |
| Cowyk Fox | Former CEO of Everyday Banking | R15.5 million | R2.6 million |
| Total | R149.9 million | R164.9 million |
Stability + Strategy = Stronger Payouts
Absa’s leadership team is clearly being rewarded for navigating a year of economic rebound, rising earnings, and evolving consumer dynamics. With a fresh CEO incoming and renewed focus across retail and regional banking, the bank is positioning itself for a competitive future in South Africa and beyond.
Whether these executive rewards spark debate or reflect good governance is up for discussion, but one thing’s clear: 2024 was a lucrative year at the top of Absa Tower.
{Source BusinessTech}
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