SOUTH AFRICA – Absa Group’s chief executive officer Daniel Mminele is set to step down just 16 months in the position. The financial services group has officially confirmed.
Daniel Mminele was Absa Bank first black Chief Executive Officer.
Confirming the reports, Absa bank announced, through the Johannesburg Stock Exchange sent statement, that it was working on a separation agreement with group chief executive Daniel Mminele.
The bank said: “In response to press speculation, shareholders are advised that the boards of directors of Absa Group and Absa Bank (“Boards”) and their Group Chief Executive, Mr Daniel Mminele, have been engaged in various discussions surrounding his working relationship with the Boards. Mminele and the Boards are working on a suitable separation arrangement and a further announcement will be made after midday of 20, April 2021.”
“Mminele and the Boards are working on a suitable separation arrangement and a further announcement will be made after midday of 20, April 2021”
Earlier, BDLive had reported that Mminele was leaving due to differences with executives over the strategic direction of the country’s third-biggest banking group by assets.
According to BDLive, people who were familiar with the matter said: “Mminele and Absa had agreed to part ways due to differences with some members of his executive team over changes to the bank’s strategy, which was largely in place when he joined.
“Subsequent discussions with the board failed to resolve the issues leading to the eventual decision to part ways, the people said.”
Last week, the Business Report also revealed that current Absa board chairperson, Wendy-Lucas Bull, had a fallout with current chief executive and former SA Reserve Bank deputy governor Mminele.
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