Home business information Absa breaks silence on Daniel Mminele’s stepping down

Absa breaks silence on Daniel Mminele’s stepping down

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Absa is working on a separation agreement with group chief executive Daniel Mminele, the bank announced through a JSE Sens statement.

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ABSA bank has announced, through a JSE Sens statement, that it was working on a separation agreement with group chief executive Daniel Mminele.

The bank said: “In response to press speculation, shareholders are advised that the boards of directors of Absa Group and Absa Bank (“Boards”) and their Group Chief Executive, Mr Daniel Mminele, have been engaged in various discussions surrounding his working relationship with the Boards. Mminele and the Boards are working on a suitable separation arrangement and a further announcement will be made after midday.”

Mminele is set to step down just 16 months after holding the position.

On Tuesday, BDLive reported that Mminele was leaving due to differences with executives over the strategic direction of the country’s third-biggest banking group by assets.

According to the publication, people familiar with the matter said: “Mminele and Absa have agreed to part ways due to differences with some members of his executive team over changes to the bank’s strategy, which was largely in place when he joined. Subsequent discussions with the board failed to resolve the issues leading to the eventual decision to part ways, the people said.”

Last week, Business Report revealed that current Absa board chairperson Wendy-Lucas Bull had a fallout with current chief executive and former SA Reserve Bank deputy governor Mminele.

This is a developing story.

BUSINESS REPORT

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