Absa Group Chief Executive Daniel Mminele has resigned and will be leaving the outfit on April 30th 2021.
The move follows the Absa Group Board and Mminele failing to achieve alignment concerning the Group’s strategy and the cultural transformation journey.
In a statement, Absa Group Chairman Wendy Lucas-Bull said it is with deep regret that the Board had arrived at the decision. He said the parting of ways merely reflects divergent professional views and approaches and is on a “no-fault” basis.
Mminele took over from long-serving boss Maria Ramos on January 15, 2020, and has led the Group through the Covid-19 pandemic.
The 56-year-old Mminele has been CEO of the financial giant, which has its head offices in Johannesburg, South Africa, with subsidiaries in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda and Zambia.
Differences of opinion over bank strategy are said to be at the heart of the disagreement between Mminele and the Board.
Absa Group strategy
The lender unleashed a new growth strategy on 1 March 2018 after its separation from the UK-based Barclays Bank.
Mminele spent eight years between 1987 and 1995 at the Westdeutsche Landesbank Girozentrale offices in Germany and the UK.
Mminele came back to South Africa in 1995 and spent two years at Commerzbank and African Merchant Bank in South Africa.
In 1999, Mminele joined the South African Reserve Bank and in 2009 was appointed as Deputy Governor.
He was subsequently appointed CEO of Absa Group on 15 January 2020-the first African to serve in this position.
The Absa Group Board has appointed Jason Quinn, who has been the Group’s Financial Director, as the Interim Group Chief Executive with effect from 20 April.