The Absa Group Board and the Group Chief Executive, Daniel Mminele has announced the latter’s exit as a director and Group Chief Executive. Mr. Mminele will be leaving the group with effect from 30 April, 2021. The exit has been attributed to the two parties’ disagreements over alignment in relation to the group’s strategy and the culture transformation journey.
Mr. Mminele joined the Group as Group Chief Executive on 15 January, 2020 and led the Group through the COVID-19 crisis and its response.
Meanwhile, the Board has appointed Jason Quinn, Absa Group Financial Director, as the Interim Group Chief Executive with effect from 20 April.
“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 Chairperson, Wendy Lucas-Bull.
Commenting on his exit, Mr. Mminele said, “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.”