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Mminele set to step down as Absa CEO

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Daniel Mminele, the Absa Group’s first Black CEO, has resigned 15 months into his tenure.

On Tuesday, 20 April 2021, the Absa Group announced that it is currently discussing a suitable separation agreement with its CEO, Daniel Mminele. Mmninele is set to part ways with the Absa Group less than 15 months after assuming office.

His departure follows a speculative article by local media which cited differences amongst members of the executive team over the bank’s strategy as his reason for leaving the Absa Group.

In response, the Absa Group issued a statement which read,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.”

Mminele will be the second Black banking CEO to resign after a short span time in office. Basani Maluleke, former African Bank CEO, was the first to leave after holding her position for only three years.

Athini Majali
[email protected]

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