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Absa to cope with financial director departure
September 18, 2009
By Mzwandile Jacks
Louis von Zeuner, Absa’s deputy chief executive officer, on Friday said South Africa’s biggest retail bank was resilient and would overcome the loss of its chief financial officer, Jacques Schindehütte.
Von Zeuner made these comments to Business Report after analysts had claimed that the resignation of Schindehütte was not good for the group.
Analysts said investors were concerned it was going to be difficult to get skilled people to fill this position.
“Absa is a large corporate and very resilient. We had a very difficult year after Steve (Booysen) left us. But we came out very strong,” Von Zeuner said.
“Though it was tough losing Jacques (Schindehütte) because of his expertise and experience with the bank, I am sure we will come out of this one very strong too.”
Two weeks ago, Absa said Schindehütte would resign from the board of both Absa bank and Absa group with effect from 1 March next year and would leave Absa on September 1 next year.
Schindehütte’s resignation came after Steve Booysen, the former chief executive, stepped down and Gill Marcus, the former chairman, left and was appointed governor of the Reserve Bank.
Mduduzi Ndlovu, a senior portfolio manager at Argon Asset Management, said the change of senior management did not necessarily disrupt value in big corporates.
“In large organisations like Absa, there are always systems in place meant for times like these. They are not always over-reliant on one person,” Ndlovu said.
The process of appointing a new chairman and chief financial officer at Absa was underway.
Von Zeuner admitted that Absa had internal candidates it would consider for the position of chief financial officer. He would not name them.
“This would be part of our succession planning. We are also looking at the market. We will evaluate and make a call on that at the right time,” von Zeuner said.
Ndlovu said: “If they cannot get the skills inside Absa, they can always look across the parent company Barclays and tap into their talent.”
But other commentators have insisted that a black person be employed to the position, adding there were many experienced black people in South Africa’s big four auditing firms.
They said a black chartered accountant with financial services experience and someone who would be acceptable to the regulator would win the bank plaudits for its seriousness on transformation.
Commentators said there were good black partners in the big four auditing firms. These partners audited companies like Absa from time to time.
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