EXIT

Absa CEO leaves after 15 months, 'divergent professional views' cited

In Summary

•Mminele, a former deputy central bank governor, took the reins at Absa from long-time boss Maria Ramos in January 2020.

•Absa has been trying to improve performance since splitting from its former British parent Barclays in 2017

Daniel Mminele has stepped down as a Absa Group Chief Executive and will be leaving the group on April 30.

This follows the Absa Group Board and Mminele failing to achieve alignment in relation to the group’s strategy and the culture transformation journey.

"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," said Absa Group Chairman, Wendy Lucas-Bull.

Mminele took the reins at Absa from long-time boss Maria Ramos on January 15, 2020 and led the Group through the Covid-19 crisis and its response thereto.

Apart from steering the bank through the global coronavirus pandemic, Mminele was responsible for driving a turnaround plan that was largely put in place before his arrival, although he made some changes to strategy.

“It is indeed regrettable that we should have had to part ways 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 has appointed Jason Quinn, Absa Group Financial Director, as the Interim Group Chief Executive with effect from 20 April.

Absa had earlier said in a brief statement that the board had been in discussions with Mminele around his working relationship with them and a further announcement would be made later on Tuesday.

Absa has been trying to improve performance since splitting from its former British parent Barclays in 2017. Its efforts have in the past year begun bearing fruit, with the bank winning back lost market share in key products like mortgages.

The news of Mminele’s possible departure on Monday drove Absa shares 4.2 per cent down by 0825 GMT.