(Bloomberg) Anyone looking at Absa Group Ltd.’s 2021 earnings statement alone would have no inkling the South African lender had such a tumultuous year in the boardroom.
Daniel Mminele, Absa Group’s first black CEO, resigned last week. According to Bloomberg, Mminele left the company following a ‘dispute’ over strategy. This has left the Absa’s future hanging in the air, as the third event to plague the bank in recent months, with deputy CEO Peter Matlare passing away earlier this year from Covid-19 complications. More recently, the bank was in the spotlight for pulling off a controversial move; closing their Money Market, sparking surprise from many in the banking and investment community. Bloomberg reports that the company is now facing a dilemma – appoint an internal successor or target an outsider? Interestingly, Mminele was Absa’s third CEO in just two years. – Jarryd Neves
Absa s CEO exit creates more than just one headache for lender moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.
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.