Daniel Mminele will be stepping down as CEO of Absa Group and Absa Bank at the end of April 30, 2021.
Mminele’s departure brings to an end a stint that just lasted 15 months, after he took the job following being a South African Reserve Bank deputy governor. He joined Absa after an extensive search, when then CEO Maria Ramos left at the end of February 2019.
In a statement, Absa said the departure was a result of conflicting views when it came to changing the bank.
“It has become clear to the parties that there is non-alignment on matters of strategy and culture transformation.”
“It is a matter of considerable regret that we 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,” she added.
Lucas-Bull said the parting “was a very difficult decision that was not reached lightly,” but it was in the best interest of the company and Mminele.
The group’s CFO, Jason Quinn will take over from Mminele as interim CEO.
Quinn has been the CFO since August 2016. Prior to this job he has been with the group in various senior roles since 2008, and before that was a partner at Ernst & Young.
Absa said it will announce the appointment of an interim CFO in the coming days, pending regulatory approvals.
The departure of Mminele is further disruption to the top leadership of the country’s third-largest lender, following the death of former deputy CEO Peter Matlare, weeks ago.
It will also mean with the appointment of Quinn, Absa will once again be run by a second interim CEO within two years.
Despite the differences it had with him, Absa’s board thanked him for his contribution and wished Mminele well.
Lucas-Bull said an “appropriate separation arrangement” was agreed to but no figures were provided.
At 1:44pm, Absa’s share price had dropped about 4% to R120.98.
This is a developing story.