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Geoffrey Lee, until recently the co-interim CEO of Absa’s personal and private banking (PPB), has left the group, ending nearly two decades with South Africa’s third-largest lender as the group shakes up its leadership cohort in search of higher growth.Lee’s exit comes just a week after Christine Wu, who served alongside him as co-interim boss of the PPB franchise, announced her exit. Like Wu, Lee took to LinkedIn to announce he had left the bank.“After almost 19 years at Absa, I have decided to pass the baton to the next group of leaders. This moment is bittersweet! Much is uncharted territory after almost two decades of pouring heart and soul into an organisation and business I have truly loved,” Lee wrote.“At the same time, I am excited about what lies ahead: spending more time with my family, exploring new industries and businesses, and discovering what this next chapter of my life has in store.“I leave Absa proud of what we achieved during my time as one of its executive leaders, most recently co-leading the integration of three business units into a single personal and private bank in South Africa, home to 16,000 colleagues and 9-million customers. “It is with deep gratitude and a sense of fulfilment that I close this chapter and wish the next generation of leaders only the best.”Wu and Lee served as the interim co-CEOs of PPB until the appointment of Sitoyo Lopokoiyit in April.The group, which has more than R2-trillion in assets, has been on a hiring spree across its key business units, corporate and investment banking (CIB), PPB and business banking to pursue a new strategy laid out by group CEO Kenny Fihla in December to build a pan-African, client-focused lender.The exits of senior management and the hiring of a slew of new talent are not entirely surprising. In a frank assessment, Absa in its 2025 annual report acknowledged its shareholders were unhappy about the performance of its South African retail businesses and the depth of talent in its executive team.Absa’s retail business, historically its biggest strength, has been underperforming rivals for some years, losing its dominant position in the home loans market to Standard Bank.The lender also used to have the biggest market share in deposits by individuals, a leadership position it has also lost.A few years ago, in a strategic misstep, the retail business was split into “everyday banking”, “relationship banking” and “product solutions” clusters, a move that failed to yield the desired results.Charles Russon recombined the businesses in 2024 during his interim CEO stint.Chief among the concerns raised by shareholders before Fihla’s appointment last year was the bench strength of the group’s executive leadership, a concern Fihla has wasted little time in addressing since taking over the reins in June last year after a decade of leadership instability. The lender has hired an army of new talent across its three business units, while several executives have headed to the exit.Business Day
