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24 September 2017 10:22 (South Africa)

Absa’s management exodus grows to five

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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."

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