South African lender Absa Group on Monday said Chief Executive Officer Arrie Rautenbach will take early retirement from the company, effective on April 15, 2025.

Charles Russon will become interim CEO of Absa Group and Absa Bank effective on Oct. 15, 2024, subject to regulatory approval, the bank said in a statement.  

"Charles' appointment will enable a smooth transition, while the board conducts a diligent search for a new permanent group chief executive," Absa said.  

Absa said the change was taken following "engagements" between the board and Rautenbach, but gave no further details.  

Rautenbach will be on a 6-month contractual notice period that will be served as garden leave, the lender said.  

Rautenbach has been with the bank since 1997 and took the helm in 2022, becoming the fourth person to take the reins since the departure of longstanding CEO Maria Ramos in 2019.   Russon has been CEO of Absa's Corporate and Investment Bank since 2018 and a group executive committee member since 2014. Yasmin Masithela will become interim CEO of Absa's Corporate and Investment Bank effective on Oct. 15.