Absa to lose first black CEO Daniel Mminele
By Dieketseng Maleke
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Banking group Absaâs chief executive is set to step down after just 16 months in the position. The bank has not confirmed the news. On Tuesday, BDLive reported that Mminele was leaving due to differences with executives over the strategic direction of the countryâs third-biggest banking group by assets.
According to the publication, people who were familiar with the matter said: âMminele and Absa had agreed to part ways due to differences with some members of his executive team over changes to the bankâs strategy, which was largely in place when he joined.
Daniel Mminele, formally a deputy governor of the South African Reserve Bank, will be the second banking CEO to leave his role in unhappy circumstances in the space of a few months.
This morning (Tuesday, 20 April 2021) Absa confirmed that “Mr Mminele and the Board are working on a suitable separation arrangement”. Further details are to be announced today.
Mminele took over in January 2020 from René van Wyk, who led the bank on an interim basis after Maria Ramos retired in February 2019.
At the end of January, African Bank announced the resignation of its CEO, Basani Maluleke, saying she will be pursuing other career opportunities. However, speculation that she was pushed has never been put to bed.
Absa confirms Daniel Mminele is leaving the group over âdivergent professional views and approachesâ
By Dieketseng Maleke
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Financial services Absa Group has announced that it and group chief executive Daniel Mminele have reached an agreement for him to step down.
In a statement issued on Tuesday afternoon, the group said he would be leaving his position on April 30. The bank cited the reason for his departure as: âThe parties have not managed to achieve alignment in relation to the groupâs strategy and the culture transformation journeyâ.
Absa Group chairperson, Wendy Lucas-Bull, said it was with âregretâ that the parties reached this position.
Absa CEO Daniel Mminele leaves over strategy dispute after 15 months, acting CEO appointed 20 April 2021 - 17:51 By Emma Rumney Daniel Mminele, who started at Absa a few months before the coronavirus pandemic took hold, said it was regrettable that he had to part with the bank so soon but said it was important that the CEO and board were aligned. Image: SUNDAY TIMES/SIMPHIWE NKWALI
Absa CEO Daniel Mminele has stepped down, the bank said on Tuesday, a shock departure just 15 months into his post that sent shares in one of Africa s biggest lenders down as much as 5%.
Mminele, a former deputy central bank governor who took the reins at Absa from long-time boss Maria Ramos in January 2020, was tasked with delivering on a turnaround strategy that had largely been laid down prior to his arrival.
Daniel Mminele to step down as Absa CEO after just 15 months
20 April 2021 6:51 PM
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Bruce Whitfield grills the Absa chair on how the board got CEO appt. so wrong - Mminele not aligned with them on strategy.
Daniel Mminele is stepping down as Absa Group CEO on 30 April.
Group Financial Director Jason Quinn will take over as interim CEO.
Absa CEO Daniel Mminele. Picture: Absa
Mminele stepped into the hot seat on 15 January 2020, leading the Absa Group through the Covid-19 crisis.
The former South African Reserve Bank deputy governor was its first black CEO. The parties have not managed to achieve alignment in relation to the groupâs strategy and the culture transformation journey reads Absa s statement.