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
Race not an issue, Absa insists Board chair says first black CEO leaving over strategy issues 25 April 2021 - 00:00
Absa chair Wendy Lucas-Bull has defended the banking group against perceptions that its first-ever black CEO, Daniel Mminele, was forced out as a result of clashes with white executives.
She reiterated yesterday that his departure was a result of differences about the group s future strategy and was not due to any lack of commitment to transformation.
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Absa appoints Punki Modise as interim CFO
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Most Read Absa appoints Punki Modise as interim CFO The appointment comes in the week it lost its CEO Daniel Mminele following disagreements with some senior executives 23 April 2021 - 19:13 Andrew Linder Punki Modise. Picture: SUPPLIED
Absa has appointed Punki Modise as interim CFO in the same week it parted ways with CEO Daniel Mminele.
Jason Quinn who previously held the position has replaced Mminele on an interim basis.
Following her appointment Modise becomes an executive director on Absa’s board, the group said on Friday.
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.
There is much speculation about Daniel Mminele's departure from Absa. The media are filling columns, attempting to racialise his departure, including the Black Business Forum.