Absa confirmed on Tuesday that it had differences of opinion with departing group chief executive Daniel Mminele in their working relationship. Mminele’s departure has raised questions around the stability of the bank going forward.
Speaking to Independent Media on Tuesday, the Black Management Forum (BMF) said it would engage with the board of Absa to obtain further information and to get a more complete idea of what had actually transpired.
“The Absa Group board and the group chief executive, Daniel Mminele have come to an agreement pursuant to which he has stepped down as a director and group chief executive and will be leaving the group with effect from April 30, 2021. The parties have not managed to achieve alignment in relation to the group’s strategy and the culture transformation journey,” said Absa Group’s head of media relations, Phumza Macanda.
Mminele, the former deputy governor of the SA Reserve Bank, joined the group as chief executive on January 15, 2020. It is indeed regrettable that we should have had to part way so soon on our journey. It is, however, important for the chief executive to be in complete alignment with the board on critical issues such as strategy and culture. I became enamoured of the brave, passionate and ready people of Absa and wish the group well for the future,” said Mminele.
“The board was excited about Daniel’s appointment and the positive role he was going to play at Absa. It is a matter of considerable regret that we reached this position. The parting of ways merely reflects divergent professional views and approaches, and is on a ’no fault’ basis. SA Communist Party (SACP) national spokesperson Dr Alex Mashilo said they had not been given details about Mminele stepping down by Absa or Mminele. UDM leader Bantu Holomisa said: “Mminele must tell us the reasons for his stepping down. I cannot guess – maybe he was offered a better position elsewhere”.
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