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SASBO questions ABSA interim CEO appointment
ABSA employees have been called to demonstrate over former CEO, Daniel Mminele's abrupt exit from the bank, and to share their goodbye messages Mminele resigned from the bank earlier this week citing differences with the board on strategy, but unions say they are puzzled by this move. General Secretary of Banking and Finance Union SASBO, Joe Kokela joins CNBC Africa for more.
Fri, 23 Apr 2021 10:53:49 GMT
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AI Generated Summary
- Demonstration organized by SASBO to protest ABSA's decision to part ways with former CEO, Daniel Mminele, and express dissatisfaction with the bank's lack of black leadership.
- Criticism of ABSA's culture and the composition of its management team, with concerns about demographic representation and resistance to change.
- Calls for a more serious approach to transformation and diversity in leadership appointments within the financial sector, highlighting the ongoing tensions and challenges in the industry.
ABSA employees have taken to the streets in a peaceful demonstration to protest the recent exit of former CEO, Daniel Mminele, and to express their dissatisfaction with the bank's lack of black leadership and transformation initiatives. The protest, organized by the General Secretary of Banking and Finance Union SASBO, Joe Kokela, aims to send a message that the employees and the union are not in support of the board's decision to part ways with Mminele. The demonstrators gathered outside the ABSA towers, holding placards and encouraging passersby to honk in solidarity. Over 200 employees have participated in the protest, contributing over 150 flowers as a symbol of farewell to Mminele. Kokela emphasized that the union believes ABSA is not ready for black leadership and fails to align with the transformation agenda of the country. He criticized the bank's statement about differences with Mminele, citing concerns about strategy and culture, stating that the company's culture does not conform to the needed transformation. He highlighted the lack of demographic representation in the bank's top executives, pointing out a bias towards white talent and a resistance to change. Kokela also expressed skepticism about the reasons given for Mminele's exit and questioned the appointment of an acting CEO from the previous CFO, calling for a more serious approach to transformation. Despite efforts to engage with ABSA's chairwoman, Kokela remains unconvinced of the board's decisions and plans to continue advocating for diversity and representation in the bank's leadership. The protest underscores the ongoing tension within ABSA and the broader financial sector regarding diversity, transformation, and leadership changes.
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