Absa’s New Chief Plots Turnaround After Years of CEO Tumult

Absa Group Ltd.’s new chief executive officer is aiming to turn the bank’s retail unit into the biggest in South Africa, revamp its regional operations and bring stability to a firm that has seen six top managers in as many years.

CEO Kenny Fihla, who was poached from larger rival Standard Bank Group Ltd., also seeks to bolster non-interest revenue and return on equity at South Africa’s third-biggest lender by assets. Fihla will unveil his strategy to the board in the next couple of months, he said on Monday.