What’s the difference between Absa and the City of Joburg? The two entities have made leadership crises part of their DNA. And they get away with it because shareholders are indifferent to the chaos.

This week, Absa CEO Arrie Rautenbach fell on his sword. That means Absa has had seven CEOs in seven years if acting stints are counted. The boardroom at Nedbank headquarters in Sandton would have been a place of interest this week as news of Rautenbach’s departure became known...