The bank cited the reason for his departure as: “The parties have not managed to achieve alignment in relation to the group’s strategy and the culture transformation journey”. Photo supplied.
Financial services Absa Group has announced that it and group chief executive Daniel Mminele have reached an agreement for him to step down.
In a statement issued on Tuesday afternoon, the group said he would be leaving his position on April 30. The bank cited the reason for his departure as: “The parties have not managed to achieve alignment in relation to the group’s strategy and the culture transformation journey”.
Absa Group chairperson, Wendy Lucas-Bull, said it was with “regret” that the parties reached this position.
“The board was very excited about Daniel’s appointment and the positive role he was going to play at Absa. The parting of ways merely reflects divergent professional views and approaches, and is on a ’no fault’ basis,” she said.
“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 Lucas-Bull.
“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.
Mminele confirmed his departure at Absa.
“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,” he said.
The board has appointed Jason Quinn, Absa Group financial director, as the Interim group chief executive with effect from Apri 20.
BUSINESS REPORT ONLINE
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