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ABSA GROUP LIMITED - Executive appointments and change to ABSA Group and ABSA Bank Boards

Release Date: 05/11/2018 09:52
Code(s): ABG ABSP     PDF:  
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Executive appointments and change to ABSA Group and ABSA Bank Boards

ABSA GROUP LIMITED
(formerly Barclays Africa Group Limited)
Incorporated in the Republic of South Africa
Registration number: 1986/003934/06
Share Code: ABG
ISIN: ZAE000255915
(Absa Group or the Group)

ABSA BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/004794/06)
JSE share code: ABSP
ISIN: ZAE000079810
(Absa Bank)


EXECUTIVE APPOINTMENTS AND CHANGE TO ABSA GROUP AND ABSA BANK
BOARDS

Shareholders are informed of the following:

Charles Russon has been appointed Chief Executive: Corporate and Investment Bank, in
respect of Absa Group and Absa Bank, with immediate effect.

Paul O’Flaherty, in turn, becomes Chief Executive: Engineering Services (responsible for
technology, data and security), the position currently held by Charles Russon. As part of this
role, Paul will also take responsibility for our separation from Barclays PLC.

In accordance with paragraph 3.59 (b) of the JSE Listings Requirements, shareholders are
advised that Paul O’ Flaherty, who was appointed as an independent non-executive director
of Absa Group and Absa Bank on 1 February 2016, will resign from these roles to assume
the executive position, with immediate effect.

Both executives will report to the Group Chief Executive Officer and will be on the Absa
Group Executive Committee. Both appointments are subject to regulatory approval.

Background on the two executives

Charles Russon has had a long career in corporate and investment banking, having worked
for Merrill Lynch (in London) and Deutsche Bank (in London and Frankfurt) before joining
Absa Capital as Chief Financial Officer in 2006. He later became CIB Chief Operating
Officer, before taking up a role as Regional Head of Finance for the Group in 2012 and,
thereafter, Chief Operating Officer for the Group in 2014.

Paul O’Flaherty was most recently Chief Executive Officer of Al Naboodah Group
Enterprises in the United Arab Emirates (Feb 2016 – March 2018). He is also a former Chief
Executive Officer of ArcelorMittal South Africa (July 2014 – January 2016) and Finance
Director and Group Executive: Capital Projects of Eskom (January 2010 – July 2013).
Johannesburg
5 November 2018

Enquiries:
Alan Hartdegen
+27 (0) 72 576 2713
E-mail: Alan.Hartdegen@absa.africa

Lead Independent Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited

Joint Sponsor:
Absa Bank - Corporate and Investment Bank

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