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Absa Group to Part Ways with CEO Daniel Mminele

PUBLISHED: Tue, 20 Apr 2021 09:42:20 GMT

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Daniel Mminele.
Photographer: Ian Waldie/Bloomberg via Getty Images

Absa Group says it will part ways with Chief Executive Daniel Mminele, 15 months after it appointed him.

Absa has been “engaged in various discussions surrounding his working relationship with the boards,” the bank said in a statement to the stock exchange. “Mr Mminele and the board are working on a suitable arrangement and a further announcement will be published shortly after midday.”

The bank’s shares fell as much as 4 percent in early Johannesburg trading.

Mminele, a former deputy of the South African Reserve Bank (SARB), took over as CEO in January 2020, becoming the bank’s first black chief executive. He had spent 20 years at the SARB, serving in various capacities including financial markets.

South African news website The Times first reported the news, citing unidentified sources. It said Mminele’s departure was the culmination of heated talks last week between the CEO and the board. That spat was first reported by Business Report. He had succeeded former CEO Mario Ramos who unexpectedly retired apparently after conflict with Chairwoman Wendy Lucas-Bull.

Earlier this year African Bank’s chairman and board ousted CEO Basani Maluleke over what some analysts speculated were differences in strategy.

Absa has been trying to stop years of declining market share and improve performance after splitting from former British parent Barclays in 2017. The effort had started bearing fruit in the past year with the bank reclaiming market share in segments like mortgages where it had previously been the market leader. 


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