Absa Group Ltd. has appointed Kenny Fihla as its new chief executive officer following his tenure as deputy CEO at Standard Bank Group Ltd., the largest bank in Africa by assets.
Fihla will officially join the Johannesburg-based bank on June 17, after spending 18 years in various positions at Standard Bank. He submitted his resignation on Sunday, and Absa announced the news in a statement on Monday. Following the announcement, Absa’s shares increased by as much as 3.5%, marking the largest rise since January 6.
According to Absa Chairman Sello Moloko, Fihla is a well-regarded leader with extensive pan-African banking experience, strong connections within the financial sector, and a successful history of achieving results in challenging situations.
Fihla will succeed Arrie Rautenbach, who retired early in August after serving two years in the role.
Absa’s Interim CEO Charles Russon has initiated a strategy to regain trust and foster growth. He will continue in his role until June 16, working alongside Fihla to ensure a seamless transition, after which he will take on a significant senior position within the group executive committee, as stated by Absa.
Fihla’s appointment marks the latest in a series of leadership changes at Absa since Maria Ramos retired in 2019.
“Absa has secured a good CEO in Kenny,” said Adrienne Damant, an analyst at Avior Capital Markets Pty Ltd, citing his demographics, track record and history.
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