Absa CEO Reshuffles Senior Management Six Months into Appointment
Absa CEO Reshuffles Senior Management Six Months into Appointment. On August 2, 2023, at the Serena Hotel in Nairobi, PricewaterhouseCoopers Limited (PwC) and the Kenya Bankers Association launched the 2022 Kenyan Banking Sector Total Tax Contribution research. Abdi Mohamed, CEO of Absa Bank Kenya, made the following statements.
Six months after Abdi Mohamed was confirmed as the lender’s chief executive, Absa Bank Kenya has announced changes to its senior leadership structure, representing the first such shuffle under his leadership.
The bank has repositioned itself as a digitally-led financial services company and created the chief operational and digital officer position as part of the most recent developments. For this role, applications are being accepted.
To develop a financial institution that is entirely digitally enabled and provides exceptional customer service at every touchpoint, we have established a position at the managing principal level called chief operating and digital officer. In a colleague memo, Mr. Mohamed stated, “This role will be responsible for driving our technology and innovations agenda.”
Chief Finance Officer Yusuf Omari has been granted the responsibility to oversee the management of the bank’s treasury, strategy, transformation, and sustainability operations. He has also been entrusted with marketing Absa’s new business arms, with the bank having resumed its custodial services offering earlier this year after a 13-year-long break. The bank’s asset management business is also in its early days.
Further changes in the management shake-up at Absa have seen Moses Muthui redeployed from the position of chief strategy officer and head of corporate investment banking to consumer banking director, pending regulatory approval. Mr. Muthui will supervise the retail banking business.
“Moses will take overall responsibility for our sales and distribution, product proposition, cards and payments, bancassurance, and asset management. Moses will continue to give general leadership to the marketing team,” Absa told its staff.
Other changes in the management restructuring include the promotion of chief risk officer Chiera Waithaka to managing principal and the elevation of Elizabeth Wasunna to country management committee director level, directing the business banking division.
The Absa Bank Kenya, under the leadership of CEO Abdi Mohamed, has embarked on a significant reorganization of its senior management team, signalling a bold move towards digital transformation and expansion into new areas of financial services. This restructuring comes six months after Abdi Mohamed took the helm as CEO, representing a pivotal moment in the bank’s journey.
One of the most notable changes is the creation of the position of Chief Operating and Digital Officer. This role underscores the bank’s commitment to becoming a digitally-led financial institution. In a memo to colleagues, Abdi Mohamed emphasized the importance of this role in driving the bank’s technology and innovation agenda. This move reflects the industry’s trend towards leveraging technology to enhance customer service and streamline operations in the competitive banking sector.
Yusuf Omari, the Chief Finance Officer, has taken on an expanded role overseeing the bank’s treasury, strategy, transformation, and sustainability operations. He has also been tasked with marketing Absa’s new business arms, which include custodial services and asset management. These developments mark a strategic shift for the bank as it reenters the custodial services sector after a 13-year hiatus and expands its asset management business. Under Abdi Mohamed’s leadership, Absa diversified its service solutions to satisfy its clients’ changing needs.
Moses Muthui, who previously held the position of Chief Strategy Officer and Head of Corporate Investment Banking, has been redeployed to Consumer Banking Director, pending regulatory approval. In this role, he will oversee various aspects of the retail banking business, including sales, distribution, product proposition, cards, payments, bancassurance, and asset management. Moses will also lead the marketing team, further underscoring the bank’s focus on enhancing its retail banking services.
The management restructuring at Absa also includes the promotion of Chief Risk Officer Chiera Waithaka to Managing Principal, highlighting the critical role of risk management in the bank’s operations. As Managing Principal, Chiera will be pivotal in steering the bank’s risk strategies and ensuring its long-term stability and success.
Another significant elevation is that of Elizabeth Wasunna to the Country Management Committee Director position, responsible for overseeing the business banking division. This move reflects the bank’s commitment to nurturing talent and promoting deserving individuals to leadership positions.
The reorganization of Absa Bank Kenya’s senior management team under Abdi Mohamed’s leadership is a testament to the bank’s determination to stay ahead in a rapidly evolving financial landscape. By embracing digital transformation, expanding into new areas of financial services, and strategically redeploying key personnel, the bank is positioning itself for sustained growth and success.
In conclusion, the recent changes at Absa Bank Kenya demonstrate the bank’s commitment to staying competitive and responsive to the evolving needs of its customers. CEO Abdi Mohamed’s leadership has ushered in a new digital transformation era and strategic expansion into custodial services and asset management. With these changes in senior management, Absa is poised to thrive in the dynamic Kenyan banking sector, delivering enhanced services and value to its clients. The future holds exciting prospects for Absa Bank Kenya as it continues to evolve and adapt to the ever-changing financial landscape under the guidance of Abdi Mohamed.
Absa CEO Reshuffles Senior Management Six Months into Appointment