After only 15 months at the helm of one of Africa’s largest banks, Absa CEO Daniel Mminele has agreed to step down. The bank said in a statement on Tuesday 20 April that the parting of ways between them and Mminele is the result of differing visions for “strategy and the culture transformation” at Absa.
ABSA said in a statement that Mminele will leave his post at the end of April, and will be replaced temporarily by Absa Group Financial Director Jason Quinn. Quinn’s tenure comes into effect from 20 April.
Absa part ways with CEO
The Absa Group Board said that they have reached an agreement with Mminele that sees him step aside becaue “the parties have not managed to achieve alignment in relation to the group’s strategy and the culture transformation journey”.
“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 positionm: said Absa Group Chairman, Wendy Lucas-Bull.
Bull said that the parting of ways “merely reflects divergent professional views and approaches”, and is an agreement made 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,” she said.
Tenure marred by impact of COVID-19
Bull added that a separation agreement has been drafted, and thanked Mminele for his contribution to the bank during unprecedented period of financial unrest caused by the COVID-19 pandemic.
“Daniel and Absa have agreed that their interests are best served by this parting, with an appropriate separation arrangement. I would like to thank Daniel for his service, leadership and the contribution he made in a time of great challenge for the Group and society more generally during the pandemic,” she said.
“We wish him all the best in his future endeavours,” she said.
Mminele: Situation is ‘regrettable’
Mminele joined the Absa Group as Group Chief Executive on 15 January 2020, and said in the statement released on Tuesday that the failure to align his vision for bank with the board’s is unfortunate.
“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.