Investor confidence in Absa Group surged following the announcement that Kenny Fihla, deputy chief executive of Standard Bank Group and CEO of Standard Bank South Africa, has been appointed as Absa’s new group chief executive officer. Absa’s shares rose as much as 3.5% on the Johannesburg Stock Exchange, the biggest jump since January.
Fihla’s appointment, effective 17 June 2025 and subject to regulatory approval, was announced in a press statement from Absa on Monday.
Standard Bank, in a separate statement, confirmed his resignation, stating that he will proceed on garden leave from March 17.
Fihla will succeed Arrie Rautenbach, who took early retirement in August after two years in the role.
His appointment comes as Absa works to rebuild investor trust following a turbulent period marked by leadership instability and financial underperformance.
South Africa’s Public Investment Corporation (PIC), the country’s most powerful institutional investor, had in April 2022, criticised Absa’s board for appointing Rautenbach—a white male—after the unexpected exit of Daniel Mminele, the bank’s first Black CEO.
During Rautenbach’s tenure, Absa issued three profit warnings within 16 months and lost market share to competitors, leading to declining shareholder confidence.
Since his departure, interim CEO Charles Russon has focused on stabilising the bank and restoring investor trust.
Russon will remain in the role until 16 June, working alongside Fihla to ensure a smooth transition, before moving into a senior executive position within the group.
A seasoned banker with a proven track record
Fihla, a banking veteran with nearly two decades at Standard Bank, brings extensive pan-African experience to his new role.
He joined Standard Bank in 2006 as an executive in the Corporate and Investment Banking (CIB) division, later rising through the ranks to become head of transactional products and services, head of client coverage, and eventually CEO of CIB in 2017.
Under his leadership, CIB’s headline earnings doubled to R20.5 billion ($154.3 million) between 2017 and 2024, achieving a compound annual growth rate of 8.6%. His tenure was marked by strategic initiatives that strengthened Standard Bank’s corporate banking business across the continent.
“Kenny has made an immense contribution to our group in his various roles over the course of his career with us and is recognised as an accomplished banker and leader,” said Standard Bank CEO Sim Tshabalala. “We wish him continued success in his onward journey.”
Fihla, in his own statement, expressed excitement about his new role at Absa, saying, “I am honoured to join and lead a team dedicated to making a positive impact across the continent. Together, we will drive forward-thinking strategies that meet our clients’ needs, empower our communities, and ensure long-term growth and success for the group.”
Absa has undergone multiple leadership changes since Maria Ramos retired in 2019. Fihla will be the fifth person to lead the bank in either an interim or permanent capacity in that period.
Standard Bank has yet to announce a successor for Fihla’s role, stating that further leadership changes will be communicated in due course.
