When Barclays Africa, soon to be renamed Absa, goes on the hunt for a new corporate and investment bank CEO, it may have to look outside the company and country to clinch the right talent. The search will arise from the resignation of deputy CEO David Hodnett this week. Hodnett, who was also responsible for all of the bank's operations in South Africa, had been offered the position before going on a two-month sabbatical in April. But some in the banking community interpreted the offer as a demotion and this week investors raised concerns over what the loss of Hodnett, who has been on Barclays Africa's executive committee for 10 years, would mean for the group. Jan Meintjes, a portfolio manager at Denker Capital, said Barclays Africa had lost its best-regarded banker in top management. "Experience on risk, regulation and operations of the bank is extremely important. In addition to this, David knew how all of this fitted into the reported numbers and structures. I am sure that these ...
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