Johannesburg - Shares of Absa Group [JSE:ASA] turned negative
in afternoon trade on Wednesday after it said its veteran deputy chief
executive would step down next year, reflecting the latest management chain at
the Barclays-controlled lender.
Shares of Absa were down 1.2% at R146.74, having earlier
been in positive territory.
Absa said in a statement that 51-year-old Louis von Zeuner
will become a non-executive director from January 1, where he will still devote
“60% of his time” to the bank, chairing committees and mentoring new talent.
A veteran Absa banker, von Zeuner is well known in South Africa’s industry.