Absa Group and Absa Bank have announced the appointment of Deon Raju as the new permanent Financial Director and Executive Director, effective immediately. Raju, who previously held the position of Chief Risk Officer and has been a member of the Executive Committee since June 2021, brings a wealth of experience and expertise to his new role.
Raju’s journey with Absa began in 1999, and over the years, he has held various key positions within the organization, including Group Treasurer from 2016 to 2021. His extensive tenure within the company has equipped him with invaluable insights into its operations, making him a natural choice for the position of Financial Director.
A seasoned professional, Raju is a member of The South African Institute of Chartered Accountants and holds the prestigious designation of Chartered Financial Analyst. Additionally, he holds a Bachelor of Commerce Honours degree from the University of Kwa-Zulu Natal, further solidifying his credentials in the financial sector.
In his new role, Raju will not only serve as the Financial Director but will also become a member of several key committees, including the Board Group Risk and Capital Management Committee, Group Credit Risk Committee, and the Information Technology Committee. This underscores the trust and confidence the organization has in his ability to contribute to critical decision-making processes.
Raju’s appointment comes as Absa bids farewell to Interim Financial Director Chris Snyman, who is stepping down from his role as an Executive Director of the Boards and as a member of various committees. Snyman’s departure marks the end of a transitional phase for Absa as it strives to solidify its leadership team and drive its strategic objectives forward.
The appointment of Raju as the permanent Financial Director follows the departure of Jason Quinn, who vacated the role to assume the position of CEO at Nedbank. Quinn, a distinguished chartered accountant, will officially take over as Nedbank CEO on May 31, 2024. His appointment reflects his strong leadership capabilities and strategic vision, qualities that will undoubtedly benefit Nedbank as it navigates the ever-evolving financial landscape.
Mike Brown, the outgoing CEO of Nedbank, will remain with the organization for a suitable period after stepping down from the board to ensure a seamless transition to Quinn’s leadership. Brown’s tenure at Nedbank has been marked by significant achievements, and his continued involvement during the transition period underscores his commitment to the organization’s success.
Quinn’s previous stint as Absa’s interim CEO from April 2021 to March 2022 is indicative of his deep understanding of the banking industry and his ability to lead through periods of change. His return to the financial sector as CEO of Nedbank signifies a homecoming of sorts, further highlighting his stature within the industry.
The departure of Jason Quinn from Absa follows the resignation of Daniel Mminele, the current Nedbank Chairperson, who left his role at Absa due to differences with the board on strategic matters. Mminele’s departure and Quinn’s subsequent appointment underscore the dynamic nature of leadership within the banking sector and the importance of aligning organizational goals with strategic vision.
As Deon Raju assumes his new role as the permanent Financial Director of Absa Group and Absa Bank, he steps into a pivotal position tasked with steering the organization through its next phase of growth and development. With his extensive experience, proven track record, and strategic acumen, Raju is poised to make significant contributions to Absa’s continued success in the years to come.
