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
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Absa CEO Daniel Mminele steps down due to strategic differences with board
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Most Read Absa CEO Daniel Mminele steps down due to strategic differences with board Mminele and Absa have agreed to a ‘no fault’ separation that will see him exit his role on April 30 due to disagreement over the bank’s strategy BL PREMIUM
UPDATED 20 April 2021 - 14:48
Daniel Mminele, the first black executive to lead Absa, will exit his role as CEO at the end of April, roughly 16 months into the role, due to differences with executives over the strategic direction of the country’s third-biggest banking group by assets.