NAIROBI, Kenya, Apr 20 – ABSA Group CEO Daniel Mminele had stepped down and will be leaving the Group with effect from April 30.
The bank says the departure follows the failure by the CEO as well as the Group, to achieve alignment in relation to the group’s strategy and the culture transformation journey.
ABSA Group Chairman Wendy Lucas Bell said the parting of ways merely reflects divergent professional views and approaches and is on a “no fault” basis.
“The Board was very excited about Daniel’s appointment and the positive role he was going to play at Absa. 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. The board has conveyed to Mr Mminele its continued high regard for his competence and integrity. The parties believe that this course is in the best interests of the company and Mr Mminele. This was a very difficult decision that was not reached lightly,” said Absa Group Chairman, Wendy Lucas-Bull.
Commenting on his imminent departure, Mminele said that it is indeed regrettable that they should have had to part ways, adding that it is, however, important for the Chief Executive to be in complete alignment with the board on critical issues such as strategy and culture.
“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.
Mminele joined the Group as Group Chief Executive on 15 January 2020 and led the Group through the Covid-19 crisis and its response thereto.