Defend Truth

Absa’s management exodus grows to five

Absa’s management exodus grows to five

Head of Absa Capital John Vitalo has become the fifth member of the troubled bank’s senior management to leave, as it has become apparent that conflicts between management and new chairman Gill Marcus could be the major cause of the ruckus. Absa announced yesterday that Stephen van Coller, deputy CE and head of investment banking at Absa Capital, will replace Vitalo from October 1 and also assume responsibility for Absa Wealth. Respected financial director Jacques Schindehutte, will resign from the boards of Absa Bank and Absa Group on March 1 next year. Senior managers Robert Emslie and Peter Mageza have already left the bank. Rumours of Marcus’s “authoritarian” management style persist. Former head Steve Booysen told The Times: "It never came out in the press that Gill and I didn't get along. I'm surprised no one picked it up."

Gallery

Please peer review 3 community comments before your comment can be posted

A South African Hero: You

There’s a 99.8% chance that this isn’t for you. Only 0.2% of our readers have responded to this call for action.

Those 0.2% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you.

The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country.

Be part of that 0.2%. Be a Maverick. Be a Maverick Insider.

Support Daily Maverick→
Payment options