Absa CEO resigns after less than 18 months

By Dieketseng Maleke for IOL

Banking group Absa’s chief executive is set to step down after just 16 months in the position. The bank subsequently confirmed the news in a SENS announcement.

On Tuesday, BDLive reported that Daniel 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 who were familiar with the matter said: “Mminele and Absa had 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.”

Attempts to reach Absa for comment were unsuccessful.

 

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