David Hodnett, deputy chief executive officer of the South African bank who became finance director in 2010, is taking a two-month sabbatical, the Johannesburg-based lender said in the statement on Monday, without detailing his reasons. Arrie Rautenbach becomes chief executive officer of retail and business banking.
Barclays Africa is splitting its business away from its former parent company in a process that began in 2016 and is scheduled for completion by early 2021. The U.K. bank paid the South African lender 765 million pounds ($1.1 billion) for the separation. The move has meant that Barclays Africa is free to set its own strategy for growth in South Africa and on the rest of the continent where it has operations in more than 10 countries.
Barclays media statement:
- Four Core Businesses
- Two new additions to Group executive committee.
- Clear focus on digital and transformation.
Barclays Africa Group Limited (BAGL) today announced a new structure that aligns the group’s executive committee portfolios with its new strategy announced at the beginning of March. The Group plans to double its market share of Africa banking revenues from 6% to 12%.
The Group’s new growth strategy aims to deliver on three stated priorities:
- Restoring market leadership in core businesses,
- Creating a thriving organisation; and
- Building new propositions.
The new structure has four core businesses, each headed by a chief executive officer. These are the Retail and Business Banking (RBB) South Africa, Corporate and Investment Banking (CIB), Wealth, Investment Management and Insurance (WIMI) and Rest of Africa (RoA) – 10 markets outside South Africa. South Africa Banking will cease to be a management or reporting segment.
- Deputy Group CEO, David Hodnett is taking a two-month sabbatical.
- RBB SA will be headed by Arrie Rautenbach as Chief Executive, currently Chief Risk Officer.
Bongiwe Gangeni, currently Head of Distribution at the Wealth, Investment Management and Insurance (WIMI) joins the Group executive committee as Head of Private and Business Banking, and also Deputy Chief Executive of RBB SA.
- Corporate and Investment Banking will also be a separate business under the leadership of a Chief Executive. Temi Ofong and Mike Harvey will continue as co-Chief Executives of CIB, reporting directly to Group Chief Executive, Maria Ramos while David is on sabbatical.
- Peter Matlare remains in his current role as Chief Executive of RoA and Group Deputy CEO.
- Nomkhita Nqweni continues in her current role as Chief Executive of WIMI.
- Yasmin Masithela, currently Head of Compliance, has been appointed Chief Executive, Strategic Services. In March Group Chief Executive Officer, Maria Ramos said a new entrepreneurial culture and digitization would be central to the success of the strategy she presented. In this role Yasmin assumes responsibility for the bank’s digital strategy, human resources, group strategy and takes over the lead of the separation from Barclays PLC.
- Charles Russon, currently Group Chief Operating Officer will become Chief Technology Officer, responsible for managing technology infrastructure, cyber and data.
August van Heerden, currently Head of the Separation Program, will become Chief Risk Officer and part of the executive committee.
“We have set a bold ambition to double our share of Africa banking revenues, digitising our organisation end to end and presenting bold propositions to meet the needs of our customers and clients. This executive committee will work with leaders and colleagues throughout our business who were also instrumental in shaping our strategy and the group’s new ambition.” said Chief Executive, Maria Ramos.
The new structure is effective immediately.