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Dispute With Board Sees Absa Bank CEO Depart After 16 Months
Bloomberg 1 hr ago Roxanne Henderson
(Bloomberg) Absa Group Ltd. Chief Executive Officer Daniel Mminele is leaving South Africa’s third-largest bank after a dispute over strategy, ending a 16-month tenure just as the lender looked to bounce back from the Covid-19 crisis.
The board and CEO differed on a range of matters including “structure, operating model, priorities and how you go about implementing them,” Chairman Wendy Lucas-Bull said in an interview on Tuesday. “It’s a lack of ability to get onto the same page.”
Financial Director Jason Quinn will step into the top job on an interim basis, becoming the bank’s fourth leader in less than three years, Absa said in an earlier statement.
Absa Deputy CEO Peter Matlare Dies After Battling Covid-19
Bloomberg 3/8/2021 Adelaide Changole and Roxanne Henderson
(Bloomberg) Absa Group Ltd. Deputy Chief Executive Officer Peter Matlare died Sunday after succumbing to Covid-19 related complications.
The executive, 61, had been with South Africa’s third-largest bank since 2016 and was previously head of foods group Tiger Brands Ltd. and state broadcaster SABC.
“Peter was a seasoned corporate executive, a good leader, inspirational, passionate about his work, and always strongly invested in the success of our continent,” Absa Chief Executive Officer Daniel Mminele said in a statement Monday. “I will miss his friendship, collegiality, guidance and wise counsel.”