Absa Group Chief Executive Officer Daniel Mminele will step down effective April 30 from his position after a dispute over strategy with the group’s board of directors, ending a 16-month tenure.
Absa Group Chairman, Wendy Lucas-Bull said “the parting of ways (with Mr Mminele) merely reflects divergent professional views.”
Lucas-Bull told Bloomberg that Mr Mminele differed with the board on a range of issues including “structure, operating model, priorities and how you go about implementing them.”
Absa Group said in a statement on its website that the parties (board and Mr Mminele) 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 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,” Lucas-Bull said.
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 thereto.