Today's Labour News

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AbsaHilton Tarrant writes that to describe the succession plan at Absa Group as ‘botched’ would be kind because in truth there wasn’t one.  

Clearly the board seems to have been blindsided by CEO Maria Ramos’s decision to ‘retire’ at the end of February after she turns 60.  They had ostensibly managed to convince her to stay on at least once before.  She wanted to leave in 2016 and had previously communicated to the board her preference for a seven-year tenure.  After ‘persuading’ Ramos to negotiate the separation from Barclays plc and steer through its implementation, it would surely have been prudent of the board to commence a search for a new CEO almost immediately.  What ought to have happened is clear.  Her successor could have been appointed CEO designate for a period of 12 or 18 months and would have been able to work alongside her, developing the bank’s new strategy and assembling a leadership team of his/her choosing.  But, some reports have said that the bank’s search for a new CEO has been made more complicated as it needs to find someone who would be willing to implement Ramos’s strategy.  In reality, this will be another wasted year for Absa as it will be sleep-walking for the rest of 2019 under the safe pair of (interim) hands, René van Wyk.  

  • Read interesting article on this issue in full at Moneyweb

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