Absa to lose first black CEO

Daniel Mminele is leaving Absa after 16 months as the chief executive officer.

On Tuesday, Absa bank announced that Daniel Mminele, the group’s first black CEO, is leaving due to differences with executives over the strategic direction of the country’s third-biggest banking group by assets.

The Absa board and Daniel are reportedly discussing a “suitable separation arrangement”, the bank announced.

“It is a matter of considerable regret that we have reached this position,” said Absa Group chair, Wendy Lucas-Bull. “The parting of ways merely reflects divergent professional views and approaches and is on a ‘no fault’ basis.”

Daniel’s appointment was announced in January 2020 after Maria Ramos retired as Absa CEO in February 2019. He is the former deputy governor of the Reserve Bank.

Absa Group FD Jason Quinn has been appointed as interim CEO.